Fubo’s Battered Stock Rockets After Q1 Earnings Beat, Improved Outlook
deadline.comFubo’s beleaguered stock, which has been in free fall since the end of 2021, shot up 35% in early trading Friday after the streaming TV provider reported strong results for the first quarter.
The company posted revenue of $324.4 million and a loss of 37 cents a share. Both exceeded Wall Street analysts’ consensus, with revenue increasing 34% from the year-ago period and losses cut by more than half from 81 cents.
Subscriptions increased 37% to almost 1.3 million. In its quarterly letter to shareholders, CEO David Gandler and Executive Chairman Edgar Bronfman Jr.
said the company it had raised its full-year guidance and also now expects to be cash-flow positive by 2025. Subscriber levels should be between 1.55 million to 1.57 million and revenue at $1.235 billion to $1.265 billion.
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