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Jim Cramer Says Buy DraftKings and Penn National

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DraftKings  (DKNG) reported a loss of $346.3 million, or 87 cents a share, compared with a year-earlier loss of $68.7 million, or 37 cents a share. The company reported a pro forma loss of $82.1 million in the year-ago quarter.

The adjusted loss came to 36 cents a share. Analysts surveyed by FactSet had forecast a first-quarter adjusted loss of 43 cents a share. 

Revenue totaled $312.3 million, up 252.6% from a year ago and handily beat analysts' estimates of $236.2 million.

"The results showed that Americans continued to bet on sports and play games like poker and blackjack on their phones despite the U.S. economy reopening as vaccine distribution ramped up," CEO Jason Robins said in a statement Friday. "The guidance assumes that announced professional and college sports calendars come to fruition. “DraftKings is off to an outstanding start in 2021.” 

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