gave investors a nice surprise on Friday.
Online sports betting platform raised its financial forecast despite a bleak macro environment and just days after rivals
reported weaker growth.
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 $765 million negative to $835 million negative.
DraftKings had previously estimated revenue of $2.05 billion to $2.17 billion and adjusted EBITDA from negative $810 million to negative $910 million.
“Customer engagement remains strong and we still see no discernible impact from broader macroeconomic pressures,” said CEO Jason Robins.
Shares of DraftKings rose 15.6% to $18.91 on Friday.
DraftKings’ average monthly unique paid users increased 30% year-over-year to 1.5 million in Q2. Revenue per payer averaged $103, also up 30% from the same period last year.
The company posted a loss of 50 cents per share, short of the consensus of 75 cents per share loss among analysts tracked by FactSet. Revenue of $466 million for the quarter, which ended in June, also exceeded expectations of $439 million.
By contrast, Caesars (CZR) posted a loss of 57 cents a share on Tuesday for the same period. Analysts were looking for a gain of 18 cents.
PENN Entertainment (PENN), formerly known as Penn National Gaming, reported earnings per share of 15 cents on Thursday, much lower than the 50 cents analysts had expected. The company kept its full-year forecast unchanged; Revenue is expected to reach $6.15 billion to $6.55 billion by 2022.
Write to Karishma Vanjani at [email protected]