(NASDAQ: DKNG) stock is getting hit hard in Friday's trading. The online gambling specialist's share price was down 11.6% at 11:30 a.m. ET, according to data from S&P Global Market Intelligence.

DraftKings published its second-quarter results after the market closed yesterday, delivering mixed results. While the company's earnings beat expectations, sales for the period fell short of Wall Street's target. But the key reasons for the sell-off are more complicated than the business's top-line and bottom-line performance.

In the second quarter, DraftKings posted non-GAAP (adjusted) earnings per share of $0.22 on sales of $1.1 billion. While the performance beat the average analyst estimate's call for an adjusted profit of $0.19 per share, revenue fell short of the target for $1.12 billion in sales.

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Source Fool.com