Why Is Flutter Entertainment (FLUT) Stock Up 8% Today?

Flutter Entertainment (NYSE:FLUT) stock is on the rise Wednesday after the sports betting and gaming company announced its latest earnings results.

The good news for FLUT stock starts with its adjusted earnings per share of $2.61. This is well above the $1.42 per share Wall Street was expecting. It’s also a 56% increase year-over-year from $1.67 per share.

Revenue was also strong at $3.61 billion. That’s another beat compared to analysts’ estimate of $2.65 billion for the quarter. It’s also a 20% increase from the $3 billion reported in the same period of the year prior.

Flutter Entertainment CEO Peter Jackson said the following in the earnings report.

“Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market. We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA playoffs, while we also increased our MLB parlay penetration.”

FLUT Stock Jumps on Guidance

Flutter Entertainment also updated its guidance alongside its latest earnings results. It now expects U.S. revenue to increase 3% to $6.2 billion for 2024. It also expects group revenue to jump 20% compared to 2023.

FLUT stock is up 8.2% as of Wednesday afternoon. This brings with it 3.6 million shares traded, as compared to a daily average of about 1.3 million shares.

Investors will want to stick around for even more of the most recent stock market stories on Wednesday!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.