Flutter Entertainment Plc (FLUT)

Flutter Entertainment (FLUT) saw its stock price decrease by 5.84% following the company's announcement that its pretax loss had widened. Despite strong growth in the U.S., an impairment at its PokerStars business contributed to the increased loss.

• Financial Results for 2023: Flutter Entertainment reported a pretax loss of $1.09 billion for 2023, a significant increase from the $295.0 million loss reported in the previous year. However, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $1.87 billion from $1.30 billion, indicating strong operational performance in certain areas.
• Revenue Growth and Business Performance: The company's revenue increased to $11.79 billion from $9.46 billion, driven by growth in the U.S. market. In the U.S., Flutter's business achieved its first year of positive adjusted EBITDA, with revenue growing 41% to $4.48 billion, fueled by strong performance in sportsbook and iGaming.
• Regional Revenue Trends: While the U.S. and U.K./Ireland regions saw revenue growth of 41% and 14%, respectively, Australia's revenue fell by 7% due to a softer racing market environment.
• Outlook for 2024: Looking ahead, Flutter expects continued growth, with a projected revenue increase of 17.5% and further adjusted EBITDA growth of 30% at the midpoint for 2024. This outlook suggests confidence in the company's ability to capitalize on market opportunities and drive profitability.