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

Core Insights - Flutter Entertainment reported adjusted earnings per share of $2.61, exceeding Wall Street's expectation of$1.42, marking a 56% year-over-year increase from $1.67 [1] - The company's revenue reached$3.61 billion, surpassing analysts' estimates of $2.65 billion for the quarter, and reflecting a 20$3 billion in the same period last year [2] Performance Highlights - The CEO highlighted strong U.S. performance in both new and existing states, attributing success to a disciplined customer acquisition strategy and a competitive product offering [3] - The proportion of live betting handle increased by over 400 basis points during the NBA playoffs compared to the previous year, alongside an increase in MLB parlay penetration [3] Future Guidance - Flutter Entertainment updated its guidance, projecting U.S. revenue to grow by 3% to $6.2 billion for 2024, with overall group revenue expected to jump by 20% compared to 2023 [4] - Following the earnings announcement and guidance update, FLUT stock rose by 8.2%, with trading volume reaching 3.6 million shares compared to a daily average of about 1.3 million shares [4]