FuboTV jumps 18% after beating earnings forecasts and boosting subscriber-growth outlook
- FuboTV shares jumped as much as 18% on Wednesday after second-quarter results beat expectations.
- The sports-centric streaming service also upgraded its forward guidance and now expects to finish 2021 with 910,000 to 920,000 subscribers.
- Its adjusted loss of $0.38 a share was smaller than expectations of a loss of $0.49 a share.
Shares of FuboTV soared as much as 18% on Wednesday after the pay-TV streaming service turned in second-quarter financial results that leapt over analyst expectations and raised its outlook for adding more subscribers to its platform.
The company, which focuses heavily on sports channels, said its performance during the second quarter and macro tailwinds are allowing it to increase its outlook for full year 2021.
It now expects 910,000 to 920,000 subscribers, higher than its previous forecast of 830,000 to 850,000. It also projected a revenue range of $560 million to $570 million, compared with its previous outlook of $520 million to $530 million.
The company said a heavy sports calendar, including exclusive streams of South American qualification matches for the 2022 World Cup in Qatar, helped propel revenue higher and lead to a narrower loss for the quarter. Its adjusted loss of $0.38 a share was smaller than the FactSet estimate of $0.49 a share and the year-ago loss of $1.46 a share.
Revenue nearly tripled to $130.9 million from $44.2 million a year earlier, surpassing an estimated $121 million.