Entain Rockets on Quarterly Earnings Beat as Cisco Slumps Amid Supply Chain Woes

Entain's shares soared yesterday as investors welcomed the online betting company's improved quarterly results. The FTSE 100-listed business reported a revenue increase of 11% to £1.16 billion, beating market expectations.

The strong performance sent Entain's stock price up by nearly 9% in early trading, although it later settled down to a more modest gain of around 4%.

Elsewhere in the markets, Cisco Systems' shares slumped after the company reported lower-than-expected quarterly profits. The technology giant cited supply chain disruptions and higher costs as contributing factors.

Meanwhile, social media platform Reddit made its debut on the S&P 500 index, with shares rising by over 10% on the news.