In This Story
DraftKings Inc. (DKNG+0.92%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a revenue increase to $1,095.5 million for the quarter, up from $790.0 million in the previous year, driven by growth in online gaming revenues.
Cost of revenue increased to $742.4 million from $543.5 million, reflecting higher gaming taxes, payment processing fees, and amortization of intangible assets.
Sales and marketing expenses rose to $339.9 million, while product and technology expenses increased to $103.6 million due to higher headcount.
General and administrative expenses increased significantly to $208.1 million, influenced by expenses related to the discontinuance of a product offering and termination of a market access agreement.
Net loss for the quarter was $293.7 million, slightly higher than the $283.1 million loss in the previous year.
Cash provided by operating activities was $92.6 million, while cash used in investing and financing activities was $488.2 million and $71.4 million, respectively.
DraftKings reported cash and cash equivalents of $877.8 million as of September 30, 2024.
The company also announced a new $500.0 million senior secured revolving credit facility and the termination of its previous credit agreement.
The filing includes details on recent acquisitions, including Jackpocket Inc., and outlines ongoing legal proceedings and potential liabilities.
DraftKings continues to focus on expanding its product offerings and jurisdictional reach, with strategic investments in technology and marketing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DraftKings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.