Pete Jackson, the CEO of Flutter, spoke to Finance Newso about how favorable customer outcomes during the NCAA college basketball tournament impacted the overall first-quarter performance of FanDuel’s parent company.
For the first quarter, Flutter reported adjusted earnings per share of $1.59, falling short of Wall Street’s expectations, which had set the consensus at $1.89 per share, as reported by LSEG. Furthermore, the company’s revenue for the quarter was $3.67 billion, also missing analysts’ forecasts of $3.84 billion.
Consequently, the company has revised its full-year guidance for the U.S. market downward due to the unexpected sports results. However, it has increased its outlook for global performance, attributing this adjustment to favorable currency movements and recent acquisitions in international markets.
In light of overarching economic uncertainties, Jackson expressed his belief that consumers will continue to invest in online sports betting and casino games, despite broader challenges affecting overall consumer confidence.
