Flutter shares faltered Wednesday after the company slashed its full-year U.S. profit guidance by 22% and announced the departure of CEO Peter Jackson at the end of the quarter. The current CEO of Flutter’s international business, Dan Taylor, will take the reins, effective Oct. 1.
The company reported earnings per share of 49 cents for its second quarter, falling below Wall Street expectations of 60 cents per share, according to LSEG. Revenue narrowly beat analysts’ estimates, at $4.33 billion versus the $4.26 billion expected by LSEG.
For its full-year, Flutter now expects adjusted earnings before interest, taxes, depreciation and amortization for its U.S. business of $760 million, a 22% reduction from previous guidance.
Shares of Flutter fell 13% Wednesday.
Over the past year, FanDuel, Flutter’s most important business, began losing its market share dominance in the United States. Now, the parent company is prepared to spend…
