How did FLUT's Q3 2024 EPS surprise impact investor confidence?

Flutter Entertainment's (FLUT) Q3 2024 EPS surprise had a significant positive impact on investor confidence, as evidenced by the following factors: 1. **Strong Financial Performance**: Flutter reported an adjusted EPS of $2.61 for Q2 2024, which was $1.05 better than the analyst estimate of $1.56. This substantial beat highlighted the company's strong financial performance and operational efficiency. 2. **Revenue Outperformance**: The company's revenue for the quarter was $3.61 billion, surpassing the consensus estimate of $3.39 billion. This outperformance indicated a robust demand for Flutter's services and a successful execution of its business strategy. 3. **Guidance Raise**: Flutter updated its guidance, raising its expectations for U.S. revenue to $6.2 billion for 2024 and adjusted EBITDA to $740 million. This optimistic outlook reflected the company's confidence in its continued growth and profitability. 4. **Market Share Gains**: Flutter's average monthly players (AMP) saw a 17% increase, with significant growth in the U.S. market where AMP and revenue jumped by 27% and 39%, respectively. These gains in market share underscored the company's competitive strength and its ability to capture a larger portion of the sports betting and gaming market. 5. **Bullish Industry Outlook**: The company's diversified international markets, including the UK, Ireland, and Italy, reported strong performance, and the group ex-US is projected to reach $8 billion in revenue. This diversified revenue base provided a solid foundation for future growth and reduced dependence on any single market. In conclusion, Flutter's Q3 2024 EPS surprise, coupled with the company's strong financial performance, guidance raise, and market share gains, significantly boosted investor confidence. The company's strategic positioning and growth prospects in the sports betting and gaming sector further supported this positive sentiment.