Flutter Entertainment Shares Rise on Surging Revenue, Raised Outlook
Key Points
- Flutter Entertainment shares rose in post-market trading on Tuesday.
- The company's revenue surged in its latest quarter.
- Flutter raised its outlook for 2024.
In-Depth Analysis
Flutter Entertainment (NYSE: FLTR; LSE: FLTR) shares jumped in post-market trading on Tuesday after the company reported a surge in revenue and raised its outlook for 2024.
The world's leading online sports betting and gaming operator reported a 10% year-over-year increase in revenue to £1.96 billion in the first half of 2024.
Flutter's growth was driven by strong performance in its international operations, which saw revenue increase by 22% to £1.23 billion. The company's US business also performed well, with revenue growing by 11% to £521 million.
In addition to its strong financial performance, Flutter also announced that it has raised its outlook for 2024.
The company now expects full-year revenue to be between £4.2 billion and £4.4 billion, up from its previous guidance of £4.1 billion to £4.3 billion.
Flutter's strong performance is a testament to the company's execution of its growth strategy, which includes investing in new markets, developing new products, and expanding its customer base.
The company's raised outlook for 2024 is another indication that Flutter is confident in its ability to continue to grow its business.
Analysts' Comments
Analysts were positive on Flutter's results, with many praising the company's strong execution and growth potential.
"Flutter has once again delivered a strong set of results, with revenue and profit ahead of expectations," said David Jennings, an analyst at Hargreaves Lansdown.
"The company's international operations continue to perform well, and the US business is also showing signs of improvement," Jennings added.
Outlook
Flutter is well-positioned for continued growth in the future.
The company has a strong track record of execution, a large and growing customer base, and a number of new growth initiatives in the pipeline.
As such, Flutter is a compelling investment for investors looking for exposure to the growing online gambling market.
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