Why DraftKings Stock Dropped 5.6% on Friday
Shares of online gambling company DraftKings (NASDAQ: DKNG) fell as much as 5.6% in trading on Friday after the company reported first-quarter 2021 results. At 2 p.m. EDT today, shares were still down 4.7% for the day.
Revenue jumped an incredible 253% to $312 million, although the net loss exploded from $68.7 million a year ago to $346.3 million in the first quarter. Management spent more on sales, marketing, general, and administrative costs than the revenue generated.
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Source Fool.com
