DraftKings cuts Q3 losses, but shares plummet as 2023 projections spook market
| By Marese O'Hagan
DraftKings reported a 135.8% revenue increase to $501.9m and reduced losses in Q3, but projections for 2023 have led to its share price tumbling.
![DraftKings Donoghue](https://igamingbusiness.com/img-srv/tOkz3Yr6TzFT_3MIswCbdwRxM68F5znqkgnva5J9xVo/resizing_type:auto/width:0/height:0/gravity:sm/enlarge:1/ext:webp/strip_metadata:1/quality:90/bG9jYWw6Ly8vaWdhbWluZ2J1c2luZXNzLmNvbS93cC1jb250ZW50L3VwbG9hZHMvMjAyMS8wMy9EcmFmdEtpbmdzLUZpZ2h0LUNsb2NrLXNjYWxlZC5qcGc.webp)
As expected, B2C operations made up almost all of the revenue – at $492.8m, up by 160.6%. B2B, from the former SBTech business, made up the remaining $9.0m – a dip of 62.6%.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $264.2m, down by 15.7%.