FuboTV Inc. (FUBO) shares rose more than 10 percent this morning after the New York-based streaming television service posted better-than-expected revenue for the third quarter. However, its quarterly loss was wide than consensus expectations.
The company posted a loss of $274.1 million, or $6.20 per share for the three-month period ended September 30, way higher than a loss of $7.17 million, or 29 cents per share, in the comparable period last year. Analysts on average had projected a loss of 64 cents per share.
Revenue for the quarter came in at $61.2 million, significantly higher than $5.83 million in the same period, one year ago. Analysts on average were looking for revenue of $54.3 million.
FuboTV’s subscription revenue jumped to $53.4 million in the quarter, representing a surge of 63 percent on year-over-year basis.
Speaking on the results, the company’s CEO David Gandler said “Q3 was the strongest quarter in fuboTV’s history, exceeding targets in all of our key metrics: subscription revenue grew 64% year-over-year, ad revenue grew 153% year-over-year and we ended the quarter with an all-time high of 455,000 paid subscribers”
FuboTV is planning to further strengthen its foothold in the online sports market. The company said it is continuously expanding its news and entertainment offerings. It has also inked new content deals with Epix and Starz and plans to broadcast their premium entertainment channels on its service by the end of this year.
Shares of FuboTV (NYSE: FUBO) hit a low of around $7 in April following the coronavirus outbreak. However, the stock managed to regain its lost value in the subsequent months. Overall, FUBO share price has soared nearly 95 percent on year-to-date basis, and rose about 60 percent during the last 6 months, including today’s gain. At the current trading price, the company’s market value stands at nearly $1.134 billion. The 52-week range of the stock is $5.00-$22.00.
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