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Highlights:
- DraftKings Inc. (Nasdaq:DKNG) reported Q1 2022 revenue of US$417 million on Thursday.
- DoorDash (NYSE:DASH) posted revenue of US$1.5 billion in the first quarter.
- Block, Inc. (NYSE:SQ) posted revenue of US$3.96 million in Q1.
After Thursday’s frantic sell-off, traders saw hope in Friday’s session as a slew of high-flying stocks gained in the premarket. These stocks garnered much interest in the premarket following their positive earnings the day before.
Here, we explore three hot stocks that reported their Q1, 2022, earnings on Thursday:
DraftKings Inc. (Nasdaq:DKNG):
A positive earnings report on Thursday boosted shares of DraftKings, the online gaming platform. DKNG surpassed expectations in its first-quarter FY22 earnings. The company also gave its revenue forecast for the full year 2022.
DraftKings’ Q1 revenue in fiscal 2022 was US$417 million, which is a 34% jump from US$312 million in the same quarter of the previous year.
DKNG’s B2C revenue surged to US$404 million in the reported quarter. It is also an increase of 44% compared to the year-ago quarter.
DraftKings co-founder, CEO, and board chairman, Jason Robins said that the company had delivered significant growth across its key revenue and performance metrics.
DraftKings has a market cap of US$5.79 billion and a forward one-year P/E ratio of -3.72. Its EPS is US$ -3.78. The 52-week highest and lowest stock prices were US$64.58 and US$13.06, respectively. Its trading volume was 19,845,750 on May 5.
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DoorDash (NYSE:DASH):
DoorDash (NYSE:DASH) stock also got a lift in Friday’s pre-market trading after its first-quarter results for FY2022 on Thursday.
DoorDash reported revenue growth of 35% YoY to around US$1.5 billion in the first quarter of fiscal 2022. Its net loss was US$167 million versus US$110 million a year ago.
The food delivery company now expects gross order value in the range of US$49 billion to US$51 billion in 2022, compared with its previous estimate of US$48 billion to US$50 billion.
Block, Inc. (NYSE:SQ):
Block, Inc. (NYSE:SQ) did well in pre-market trading on Friday, riding on its Q1 FY2022 earnings the day before. Its shares climbed 4% before the market opened. It was a rebound from an 11% fall in the previous session.
In the first quarter of 2022, Block generated a gross profit of US$1.29 billion, which is 34% up YoY.
Its Cash App scooped gross profit of US$624 million, up 26% YoY. SQ has a market cap of US$55.76 billion and a forward one-year P/E ratio of -562.06. Its EPS is US$-0.15.
The 52-week highest and lowest stock prices were US$289.23 and US$82.72, respectively. Its trading volume was 22,914,530 on May 5.
Bottom Line:
These three stocks rallied in the premarket Friday, primarily riding on their upbeat Q1 FY2022 results on Thursday. However, some stocks that didn’t do well on Friday. For instance, the SPCE stock slumped 6% in the pre-market trading on Friday.
