bullish
King No More
SUMMARY
- Fantasy Sportbook Operator DraftKings saw its shares drop by 28% at the close on Friday, recording the worst in its trading history even as its management and CEO remained upbeat about the company's future.
- What was surprising about the steep decline was the fact that the company beat analyst expectations both on the revenue and EPS front in its most recent quarter while also raising its full-year guidance.
- The market remains skeptical about the company's business model and its decision to prioritize growth over profitability, a stark comparison to its peers who have cut costs in recent months.
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