March Madness drags down Flutter first-quarter results

Flutter CEO says March Madness weighed on first-quarter results

Flutter CEO Peter Jackson told CNBC customer-friendly results in the NCAA’s college basketball tournament weighed on overall first-quarter results for FanDuel’s parent company.

The global sports and online gambling platform reported first-quarter adjusted earnings per share of $1.59, missing Wall Street consensus of $1.89 per share, according to LSEG. Revenue for the period also missed Wall Street expectations, at $3.67 billion versus LSEG estimates of $3.84 billion.

The company lowered its full-year U.S. guidance as a result of the unfavorable sports results, but raised its outlook for global performance based on currency adjustments and international acquisitions.

Jackson said he anticipates customers will maintain their spending on online sports and casino games amid global economic concerns that seem to be weighing on consumer sentiment more broadly.

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