DraftKings Inc (NASDAQ:DKNG) has recently announced its financial results for the fiscal fourth quarter, revealing an increase in its guidance for the 2024 year. The company reported earnings per share (EPS) of $0.29, surpassing the consensus estimates of $0.08. However, despite this positive performance, shares fell more than 3% in after-hours trading.

While the reported revenue of $1.23 billion slightly missed the analysts’ projection of $1.24 billion, DraftKings has raised its revenue forecast for fiscal year 2024. The company now expects to achieve between $4.65 billion and $4.9 billion, compared to the previous consensus estimate of $4.69 billion. This adjustment signifies a projected year-over-year growth of 27% to 34%.

Moreover, DraftKings has also revised its adjusted EBITDA expectations for fiscal year 2024, anticipating a range of $410 million to $510 million, up from the earlier forecast of $350 million to $450 million.

Simultaneously, DraftKings has revealed its intention to acquire Jackpocket in a $750 million cash-and-stock deal, further expanding its strategic initiatives. Jason Robins, the CEO and Co-founder of DraftKings, expressed his satisfaction with the company’s performance in 2023 and highlighted the positive outcomes in customer acquisition, retention, and engagement.

This latest development from DraftKings has generated significant interest within the investment community, as the company continues to navigate the evolving landscape of the sports and entertainment industry. With its ambitious revenue outlook and strategic acquisition plans, DraftKings is poised to make substantial strides in the market, capturing the attention of investors and industry observers alike.