BOSTON — DraftKings Inc. today reported a first-quarter loss of $346.3 million, after reporting a profit in the same period a year earlier.
The Boston-based company said it had a loss of 87 cents per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 51 cents per share.
The company posted revenue of $312.3 million in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $228.3 million.
DraftKings expects full-year revenue in the range of $1.05 billion to $1.15 billion.
DraftKings shares have climbed 11% since the beginning of the year. The stock has more than doubled in the past 12 months.