DraftKings stock just lost 20%: the real story isn't the earnings miss
DraftKings (DKNG) shares opened sharply lower on Friday after the sports betting giant reported its fiscal Q3 earnings that missed Wall Street estimates and lowered its full-year guidance as well. Revenue came in at $1.329 billion versus expectations of about $1.39 billion, while adjusted losses were also deeper than analysts had forecast. Investors reacted swiftly, wiping billions from DKNG’s market cap. But the headline numbers tell only part of the story. The bigger question for shareholders is whether DraftKings is “deliberately” sacrificing...