DraftKings Stock Surges on Improved Guidance, Says Inflation Not Denting Demand

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DraftKings stock was surging in premarket trading Friday after the online gambling company raised its full-year guidance.

DraftKings (ticker: DKNG) said it now expects revenue for the year of between $1.93 billion and $2.03 billion, up from previous guidance for $1.85 billion to $2 billion. The company also improved its estimate for adjusted Ebitda, or earnings before taxes, interest, depreciation and appreciation, to a loss of $760 million and $840 million, narrower than a prior estimate for a loss of $825 million to $925…

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