Shares of Flutter Entertainment PLC plunged 9.22% during intraday trading on Wednesday after the FanDuel parent reported second-quarter results that fell short of expectations, announced a CEO transition, and slashed its full-year outlook.

The company posted an adjusted earnings per share of $0.49, missing the FactSet consensus estimate of $0.54, while swinging to a GAAP net loss of $296 million from a profit of $37 million a year earlier. Revenue rose 3% to $4.33 billion, but U.S. sportsbook revenue tumbled 15%, and average monthly players dropped 11%. Flutter also lowered its 2026 revenue guidance midpoint to $17.91 billion from $18.31 billion and cut its adjusted EBITDA forecast to $2.655 billion, citing a $270 million investment in FanDuel’s sportsbook momentum and a $50 million hit from NFL schedule changes.

Adding to the uncertainty, the company announced that CEO Peter Jackson will step down on September 30, with President and International CEO Dan Taylor set to succeed him on October 1. The leadership shake-up comes as Flutter’s U.S. business faces high customer churn and subdued market growth, prompting the company to shift its focus from margin expansion to player growth and customer value.