Markets
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Matt Phillips

DraftKings rises after reporting better-than-expected Q1 numbers

Sports betting company DraftKings rose in aftermarket trading Thursday after it reported better-than-expected Q1 sales and earnings. Here’s a rough outline of the results:

  • Q1 revenue of $1.65 billion vs. Wall Street’s $1.63 billion expectation, according to FactSet.

  • Q1 earnings per share of $0.03 vs. the consensus estimate of $0.01.

  • Q1 adjusted EBITDA of $167.9 million vs. the $152.6 million expectation.

  • Maintained previous full-year adjusted EBITDA guidance of $700 million to $900 million, compared with estimates of $791.4 million.

  • Maintained previous full-year sales guidance of between $6.5 billion and $6.9 billion (midpoint $6.70 billion), compared with analysts’ estimates of $6.82 billion, according to FactSet.

Shares of traditional online sports gambling platforms like DraftKings have struggled as prediction markets have emerged as a center of industry excitement.

The shift to such markets has been tricky for both DraftKings and rival FanDuel, the US leader in online sports betting, which have to manage preexisting relationships with state gaming commissions that stand to be disrupted by prediction markets, which are regulated on the federal level by the CFTC.

DraftKings is down roughly 25% in 2026, while FanDuel parent Flutter Entertainment, which reported earnings yesterday, is down more than 50%.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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