Shares of fuboTV (NYSE:FUBO) are soaring to start the day on Tuesday after a few major updates both in and out of the company.
What is this news? Well, here is a closer look at some reasons FUBO stock is taking off:
- The live television streaming platform announced preliminary revenue and subscriber outlook for the fourth quarter of fiscal year 2020.
- This has fuboTV expecting revenue between $94 million and $98 million, a 77%-84% increase year-over-year.
- Meanwhile, its previous guidance for the period was between $80 million and $85 million.
- Additionally, fuboTV is expecting to exceed 545,000 subscribers, an increase of more than 72% YOY.
- Previous guidance was looking for between 500,000-510,000 subscribers.
- Furthermore, FUBO stock is also seeing a boost after Needham reiterated its buy rating and price target of $60 “based off fundamentals and short-term catalysts.”
In regard to the preliminary outlook figures, here’s what David Gandler — co-founder and CEO of fuboTV — said about the update:
“fuboTV’s strong preliminary fourth quarter 2020 results exceeded what was already expected to be a record year for the company, and demonstrate continued consumer excitement for the company’s live TV streaming offering. In 2021, we will continue to be laser focused on executing our growth strategies, which include continuing to grow advertising revenues, working to implement sports wagering into our product and further establishing fuboTV as a leader in sports and live streaming.”
FUBO stock was up 21.4% as of Tuesday morning.
More on FUBO Stock
- 4 Top Stock Trades for Tuesday: TSLA, FUBO, SLV, AMD
- Why the Short-Sellers Are Wrong About fuboTV and FUBO Stock
- 7 Media Stocks That Could Light Up Your Gray Winter
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
