(Dow Jones) -- 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 million.
"DraftKings delivered significant growth across our key revenue and performance metrics," said Jason Robins, DraftKings CEO. "We are not seeing any impact from inflationary pressures on customer demand."
Shares of DraftKings jumped 8.9% in premarket trading on Friday.
For the first quarter, DraftKings reported an adjusted Ebitda loss of $289.5 million, better than consensus estimates calling for an adjusted loss of $329 million. Revenue came in at $417 million, above estimates calling for $412 million, while the adjusted loss per share was 74 cents, narrower than predictions for a loss of $1.09 a share.
Competitor Penn National Gaming ( PENN) posted an earnings miss on Thursday, but also raised full-year guidance.
