Wall Street tried to start Friday on a positive note, with investors focusing on macroeconomic data showing continued strong job growth but a rise in unemployment as well. That had major market benchmarks rising early Friday, with the Nasdaq Composite (^IXIC 0.12%) signaling gains of as much as 1% in premarket trading.

However, a couple of high-profile Nasdaq stocks found themselves missing out on the market's broader move higher. Electronic payments specialist PayPal Holdings (PYPL -1.47%) has seen its stock price plunge throughout the year, and its latest financial report indicated further challenges ahead. Meanwhile, DraftKings (DKNG -0.18%) suffered even larger share-price declines. Read on to learn why these two Nasdaq stocks aren't doing well and what the future could bring.

PayPal keeps losing ground

Shares of PayPal Holdings were down another 3% in premarket trading, adding to losses from earlier in the week. The electronic payments specialist did well according to its third-quarter financial report, but it was circumspect about what impact a tough macroeconomic environment could have on its future performance.

PayPal characterized the third quarter as "solid," pointing to revenue and earnings performance that was better than expected. Sales of $6.85 billion were up 11% year over year, with modest headwinds from the strong U.S. dollar. Operating cash flow was up 29%, and free cash flow of $1.8 billion was 37% higher than it was a year earlier. Adjusted earnings of $1.08 per share came in better than many had expected, even though it was down from $1.11 per share in the year-earlier period.

In addition, PayPal was able to boost its earnings guidance for the full year. The company now expects between $4.07 and $4.09 in profit on an adjusted basis.

However, investors weren't pleased to see PayPal's sales-growth projection slow to about 8.5% for fiscal 2022. With total payment volume gains expected to slow to around 8.5% as well, shareholders don't seem entirely comfortable that the success of Venmo can overcome macroeconomic impacts that could hurt overall activity levels. That's been a recurring theme for a while, and it explains why the stock has fallen by two-thirds in the past year.

DraftKings can't keep investors happy

Shares of DraftKings fell even more sharply, losing 13% in premarket trading. The sports betting company saw impressive growth in its business, but signs of future headwinds had investors worrying about how sustainable that growth will prove to be.

DraftKings' numbers for the third quarter were impressive. Revenue of $502 million was up 136% year over year, with 161% growth in its business-to-consumer segment. DraftKings pointed to the launch of its sportsbook and i-gaming products in several new states over the past 12 months as supporting sales gains, along with less costly promotional activity and notable performance in NFL-related betting. The company now has 1.6 million monthly unique paying customers, up 22% year over year, and it more than doubled its revenue per user metric.

What investors seemed to find problematic, though, was DraftKings' guidance for 2023. The company expects to see revenue of $2.8 billion to $3 billion, which would represent gains of about 33% from its final projections for 2022. Moreover, DraftKings sees no end in sight to its losses, projecting an adjusted pre-tax operating loss of between $475 million and $575 million in 2023.

DraftKings continues to benefit from more states opening up sports betting, although early signs that adding the massive California market appears unlikely aren't helping the stock. With immense competition in the space, shareholders seem less comfortable that DraftKings has as steep a growth trajectory as they'd hoped.