DraftKings Inc. (NASDAQ: DKNG) went for a pratfall on the results from the year’s second quarter.
The Boston-based company says that, for the three months ended June 30, 2020, it reported GAAP revenue of $71 million compared to $57 million during the same period in 2019.
DraftKings ended the second quarter of 2020 with over $1.2 billion in cash and no debt on its balance sheet.
CEO Jason Robins says, "We believe that the best product will ultimately win with the American consumer. As a technology first organization, we will continue to focus on bringing new and innovative products to market that strengthen our engagement with customers and maintain our competitive differentiation."
As a result of a successful follow-on equity offering in June and the exercise of public warrants following DraftKings’ call for redemption, DraftKings added over $800 million to its balance sheet and ended the second quarter with over $1.2 billion in cash and no debt.
The Company is well positioned to continue to deliver on its key priorities, which include entering new states at the earliest opportunity, investing in product and technology to create new offerings for American sports and American sports fans, and acquiring and retaining customers.
In the second quarter, while several major sports leagues including the NBA, MLB and the NHL remained on hiatus due to COVID-19, the Company worked creatively to engage fans with new fantasy sports and betting products for NASCAR, golf, UFC, and European soccer.
DKNG shares stumbled $2.77, or 7.7%, to $33.28.
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