: DraftKings’ stock pops on narrowing loss, raised fiscal year revenue guidance

Shares of DraftKings Inc. DKNG were up 8% in extended trading Thursday after the sports web site posted quarterly results that topped analyst revenue and earnings estimates, and raised its full year guidance range. DraftKings 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. 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%.

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