00:00It's Benzinga, bringing Wall Street to Main Street.
00:02DraftKings reported worse-than-expected third-quarter results and lowered its full-year
00:07revenue outlook, according to Benzinga. The sports betting company reported an adjusted
00:12loss of 53 cents per share, wider than the expected loss of 39 cents. Revenue rose 16%
00:19to $1.329 billion, but missed estimates of $1.398 billion. DraftKings lowered its 2026
00:28revenue forecast to between $6.35 billion and $6.55 billion, down from its previous range
00:36of $6.50 billion to $6.90 billion. CEO Jason Robbins said more than 1.6 million customers
00:45have engaged with the company's predictions offering this year. Following the earnings
00:50report, Stifle downgraded DraftKings from buy to hold. Stifle, BTIG, and Needham also lowered
00:57their price targets. Shares fell 1.4% in pre-market trading. For all things money, visit Benzinga.com.
