DraftKings Inc. has adjusted its revenue and profit estimates for 2024 due to a challenging start to the fourth quarter.
The company now expects sales between $4.85 billion and $4.95 billion, lower than its previous forecast of $5.25 billion.
This revision falls short of analysts' expectations, who had predicted revenue of $5.13 billion.
Following this announcement, DraftKings shares declined in extended trading, reflecting investor concerns about the company's performance.
The updated guidance highlights the ongoing difficulties faced by DraftKings in the competitive sports betting market.