DraftKings Inc.’s stock was up 7% in extended trading Thursday after the sports-gambling and fantasy web site posted quarterly results that topped analyst revenue and earnings estimates, and raised its full year guidance range.
DraftKings
DKNG,
reported a fiscal third-quarter net loss of $283.1 million, or 61 cents a share, compared with a net loss of $450.5 million, or $1 a share, in the same quarter a year earlier. Adjusted earnings were 35 cents a share.
Revenue was $789.9 million, compared with $501.9 million a year ago.
Analysts surveyed by FactSet had expected on average a net loss of 79 cents a share on sales of $705 million.
“Our fantastic third quarter results demonstrate the positive impact of our product and technology investments as well as excellent preparation and execution by our entire organization,” DraftkKings Chief Executive Jason Robins said in a statement announcing the results.
DraftKings also raised its fiscal year revenue guidance to between $3.67 billion and $3.72 billion.
Shares of DraftKings have sky-rocketed 154% this year, while the broader S&P 500 index
SPX,
has increased 12%.
