Why Flutter Entertainment Shares Are Gaining Today
Portfolio Pulse from Nabaparna Bhattacharya
Flutter Entertainment Plc (NYSE:FLUT) shares are up in premarket trading after reporting a 24.6% year-over-year revenue increase to $11.79 billion for FY23. Adjusted EBITDA rose 45.4% to $1.874 billion, with a margin expansion of 230 basis points to 15.9%. The company's strong performance was attributed to its leading position in the US, product innovation, and strong UKI performance. Flutter introduced FY24 guidance with expected revenue growth of 17.5% and adjusted EBITDA growth of 30.2%. FLUT stock has risen over 26% in the past year.
March 26, 2024 | 10:28 am
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Flutter Entertainment Plc reported a significant year-over-year increase in revenue and adjusted EBITDA for FY23, with strong performance in the US and UKI markets. The company also provided optimistic FY24 guidance.
The positive financial results and optimistic future guidance indicate a strong operational performance and growth potential for Flutter Entertainment. This is likely to increase investor confidence and demand for FLUT shares, potentially driving up the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100