Flutter Entertainment shares rally 10% on Q2 beat and raise

NEW YORK - Flutter Entertainment (NYSE:FLUT) shares jumped 10.5% after the online sports betting and gaming operator reported better-than-expected second quarter results and raised its full-year outlook.

The company posted adjusted earnings per share of $2.61, handily beating analyst estimates of $1.56. Revenue came in at $3.61 billion, surpassing expectations of $3.39 billion and representing 20% YoY growth.

Flutter's strong performance was driven by continued momentum in its U.S. business, which saw revenue surge 39% YoY to $1.53 billion. The company extended its market-leading position, with FanDuel capturing a 38% total online gross gaming revenue market share in Q2.

"Flutter delivered another strong quarter, beating consensus and increasing our revenue and Adjusted EBITDA guidance as we continued to capitalize on our global scale and the Flutter Edge," said CEO Peter Jackson.

Based on the Q2 outperformance, Flutter raised its full-year 2024 guidance. The company now expects U.S. revenue of $6.05 billion to $6.35 billion, up from its previous outlook of $5.8 billion to $6.2 billion.

The raised guidance implies 41% YoY growth at the midpoint for U.S. revenue, reflecting Flutter's continued strong execution in the fast-growing U.S. sports betting and iGaming markets.

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Source: Investing.com