: DraftKings’ stock jumps amid revenue beat, raised guidance

“We were worried in the last 6 months that if the economy reopened we would see some softening but we actually haven’t seen that at all,” Robbins told MarketWatch on Friday. “Everything is still rapidly increasing every subsequent month.”

To Robbins, the stories that more people were betting during the COVID-19 pandemic because they were at home more often were “anecdotal.”

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Those stories seem to carry less weight as DraftKings continues to see growth despite parts of the United States economy opening over the last few months.

“We couldn’t tell how much of that was general momentum with DraftKings and how much of that was people being bored at home. We think it shows we have strong momentum.”

DraftKings still logged a loss — the company’s loss was 76 cents a share for the three months ended June 30, compared with a year-earlier loss of $1.80, and its adjusted loss was 26 cents a share. DraftKings also disclosed it is complying with an SEC subpoena concerning allegations by short seller Hindenburg.

DraftKings also raised its revenue guidance for the fiscal year to between $1.21 billion to $1.29 billion, from between $1.05 billion to $1.15 billion previously for last fiscal year.

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The company’s increased revenue guidance is irrespective of states on the verge of allowing legal mobile wagering like New York Connecticut Arizona, Louisiana, Maryland, and Wyoming, which make up 13% of the U.S. population.

“The guidance we posted doesn’t even include those states,” Robbins confirmed to MarketWatch.

As of Friday afternoon’s trading, DraftKings stock is up 1.8% today, but down 7.71% over the past three months while the S&P 500
SPX,
+0.20%
has gained 6.4% over that same period.