Dade Hayes Finance EditorShares in DraftKings gained in early trading after the major sports betting outfit raised its 2020 revenue guidance and reported third-quarter earnings that exceeded Wall Street analysts’ expectations.The stock is below its late-September peak of $64.19, but climbed 7% to pass $44 amid optimism that the return of sports would see the company through to a less pandemic-dominated 2021.DraftKings now expects revenue this year of $540 million to $560 million, up more than 25% from 2019 pro-forma levels and higher than its previous guidance of $500 million to $540 million.
The company had its IPO earlier this year after a three-way merger engineered via a special purpose acquisition company, or SPAC, led by Hollywood.
Read more on deadline.com