Flutter cuts full-year outlook after thid-quarter revenue and EBITDA miss estimates

Flutter Entertainment shares were trading about 2% lower in the premarket trading on Wednesday after the company reported weaker-than-expected third-quarter results and lowered its full-year forecasts, as unfavorable sports results and higher costs weighed on profitability across its businesses. Revenue rose 2.1% year over year to $3.87 billion, missing the $4 billion consensus estimate, while adjusted EBITDA declined 25% to $360 million, below expectations of $417.2 million. The company posted an adjusted loss of 18 cents per share, compared with adjusted earnings of $1.64 a year earlier.