A week after the Super Bowl, the verdict is out on DraftKings (DKNG) today. The firm, which enables sports betting, posted strong revenue growth.
DKNG lost as much as 10% in after-hours trade when it posted revenue growing by 43.9% Y/Y to $1.23 billion. Monthly unique payers grew by 37% Y/Y to 3.5 million average monthly unique paying customers. It expects FY 2024 revenue of up to $4.9 billion or Y/Y growth of up to 34%.
Cryptocurrency platform Coinbase (COIN) traded 14% higher last night. The firm reported a $1.04 a share profit. Revenue soared by 51.6% Y/Y to $953.8 million. Shorts, who have a 9.3% short interest, must rush to cover their bet this morning.
Coinbase has a healthy net income, a positive and growing EBITDA, and cash flow to pay down its debt. Its revenue base is diversifying into both subscriptions and services. This will expand Coinbase’s margins. In addition, Bitcoin’s (BTC-USD) rally to over $50,000 ensures more transactions in the current quarter.
In the farming equipment sector, Deere (DE) may rebound on Friday. DE stock fell by 5.23% on Feb. 15 after it issued a disappointing full-year outlook. It expects net income of $7.5 billion to $7.75 billion this year, below the $7.83 billion average estimate.
Deere’s outlook is improving. This is a stock to consider on weakness.
