Why DraftKings Stock Dropped 5.6% on Friday

Shares of online gambling company DraftKings (NASDAQ: DKNG) fell as much as 5.6% in trading on Friday after the company reported first-quarter 2021 results. Management spent more on sales, marketing, general, and administrative costs than the revenue generated. On an adjusted basis, which pulls out one-time items, the loss was $0.36 per share, which was better than the $0.44 loss that Wall Street expected.