DraftKings Sales Beat Forecast, Company Raises Guidance for Year
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2023-08-04 04:53
DraftKings Inc. shares rose after the online sportsbook posted second-quarter sales that beat expectations and it raised its

DraftKings Inc. shares rose after the online sportsbook posted second-quarter sales that beat expectations and it raised its forecast for the year.

The Boston-based company now projects sales of up to $3.54 billion for 2023, according to a statement Thursday. In May, it projected annual revenue of up to $3.24 billion.

DraftKings also forecast a narrower loss for the year. It now sees an adjusted annual loss of $190 million to $220 million before interest, taxes, depreciation and amortization. It previously projected a loss of $290 million to $340 million. The company said it would earn as much as $175 million on sales of $1.2 billion in the fourth quarter.

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