Why DraftKings Stock Is Trading Higher Today

DraftKings Inc (NASDAQ: DKNG) is trading higher Friday morning after the company announced better-than-expected second-quarter revenue results and raised guidance.

DraftKings reported quarterly revenue of $298 million, which beat the estimate of $242.41 million and represented an increase of 320% year over year. The company raised its full-year 2021 guidance from a range of $1.05 billion to $1.15 billion to a range of $1.21 billion to $1.29 billion. 

“DraftKings had a particularly strong second quarter of 2021, maintaining our impressive financial performance while also advancing into new areas, such as media and NFTs. We believe these expansion opportunities will enable us to further grow our customer base and generate additional revenues through cross-selling to our existing players,” said Jason Robins, co-founder and CEO of DraftKings.

Yesterday, DraftKings announced an agreement with Genius Sports Ltd (NYSE: GENI) in which Genius Sports will provide DraftKings its full range of official sportsbook data and content and fan engagement solutions, including a complete suite of NFL-related products.

Price Action: DraftKings has traded as high as $74.38 and as low as $30.51 over a 52-week period.

At last check Friday, the stock was up 7.47% at $54.25.