Paddy Power owner’s shares soar as profits beat investor bets
The bright green Paddy Power signage
Flutter Entertainment Plc shares soared as much as 11pc in extended trading in the US after the company, the operator of the FanDuel online sportsbook and the Paddy Power brand in Ireland, reported second-quarter sales and profit that beat analysts’ expectations.
Flutter, which recently moved its stock listing to the New York Stock Exchange from London, generated revenue of $3.61bn (€3.27bn) in the quarter, exceeding estimates of $3.37 bn. Adjusted earnings rose to $2.61 a share, exceeding expectations of $1.70.
The company, which also moved its operational headquarters to New York, raised its guidance for US full-year revenue to as much as $6.35 bn and expects US earnings of up to $800 million before interest, taxes, depreciation amortization.
The company is benefiting from a surge in new customers and revenue, particularly in the US, where average monthly players rose 27pc to 3.47 million and sales climbed 39pc to $1.53 bn.
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