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DraftKings reported revenue of $466 million for the second quarter, beating Wall Street estimates.
Scott Eisen/Getty Images for DraftKings
Shares of
DraftKings
were soaring Friday after the online sports betting platform lifted its financial forecast despite a gloomy macro environment.
For the full year, DraftKings (ticker: DKNG) now expects revenue of between $2.08 billion and $2.18 billion, and adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, ranging from negative $765 million to negative $835 million.
DraftKings earlier had projected revenue of $2.05 billion to $2.17 billion and adjusted Ebitda of negative $810 million to negative $910 million.
“Customer engagement remains strong, and we continue to see no perceivable impact from broader macroeconomic pressures,” said CEO Jason Robins. “Due to our ongoing investments in core online gaming technologies, we are in a strong position from a competitive perspective as we approach the beginning of the NFL season.”
The company posted a quarterly loss of 50 cents a share on revenue of $466 million for the second quarter. Analysts tracked by FactSet expected a loss of 75 cents a share on revenue of $439 million.
Shares of DraftKings jumped nearly 10% to $17.90 early Friday.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
