March Madness Affects Quarterly Results

Peter Jackson, CEO of Flutter, shared insights with CNBC regarding the recent financial performance of the company, particularly how consumer engagement during the NCAA college basketball tournament impacted its numbers. The results from FanDuel’s parent company fell short of investor expectations in the first quarter.

Quarterly Earnings Overview

In their latest report, Flutter announced an adjusted earnings per share (EPS) of $1.59 for the first quarter, which was below the Wall Street forecast of $1.89 per share. Additionally, the company recorded revenue of $3.67 billion, missing the projected $3.84 billion estimate from LSEG.

Guidance Adjustments

As a direct consequence of the disappointing performance in the U.S. market, Flutter has lowered its full-year guidance for the region. However, the company has raised its outlook on a global scale, attributing this adjustment to favorable currency shifts and recent international acquisitions.

Future Consumer Spending Trends

Looking ahead, Jackson expressed optimism regarding consumer spending behavior. He noted that he expects players to continue investing in online sports and casino games, despite the broader economic uncertainties that appear to be influencing overall consumer sentiment.