U.S. oil futures post losses for the session and week

DraftKings stock tumbles after loss widens as costs jump, while revenue rises above expectations

Shares of DraftKings Inc. undefined tumbled 15.4% in premarket trading Friday, after the digital sports entertainment and gaming company another quarterly loss that widened from a year ago, while revenue rose above expectations but costs jumped. The net loss widened to $326.3 million from $242.7 million, while per-share losses widened to 80 cents from 69 cents. Excluding nonrecurring items, the adjusted per-share loss widened to 35 cents from 24 cents. Revenue grew 46.9% to $473.3 million, above the FactSet consensus of $446.0 million, while cost of revenue increased 59.0% to $253.2 million and sales and marketing rose 45.1% to $278.4 million. Monthly unique players increased 32% and average revenue per monthly unique payer grew 19%. For 2022, the company raised its revenue guidance range to $1.85 billion to $2.00 billion from $1.7 billion to $1.9 billion, compared with the FactSet consensus of $1.90 billion. The stock has plunged 39.8% over the past three months while the S&P 500 undefined has declined 6.9%.