(Bloomberg) -- DraftKings Inc. raised its annual target for sales and profit as the online betting giant sees continued growth in customers and betting revenue.

The Boston-based company said it now expects revenue in fiscal 2024 of $4.9 billion and adjusted earnings before interest, tax, depreciation and amortization of $500 million, up from previous projections of about $4.78 billion and $460 million, respectively. 

The raised outlook comes as the company reported revenue in the first quarter climbed 53% to $1.18 billion, it said in a statement. Analysts were expecting $1.13 billion. The company’s loss per share, at 30 cents, narrowed from a loss of 87 cents a year earlier.

DraftKings was a “bright spot” in an “otherwise dim” first-quarter earnings season for gaming companies so far, Barry Jonas, an analyst at Truist Securities, wrote in a note. 

Monthly active players rose 23% to 3.4 million, shy of forecasts for 3.6 million. Adjusted earnings before interest, taxes, deprecation and amortization was $22.4 million, beating analysts’ projections of $5.2 million.

Penn Entertainment Inc., which operates the ESPN Bet site, reported results in its online gambling business on Thursday that fell short of analysts estimates on Thursday. Penn shares fell 8.8%.

(Updates with analyst comment in fourth paragraph. An earlier version of this story corrected the analysts’ estimates for revenue in second paragraph.)

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