FuboTV (NYSE:FUBO) earnings for the first quarter of fiscal 2021 came out on Tuesday evening, and now FUBO stock is soaring on Wednesday. This comes after reported revenue of $119.7 million was above analysts’ estimate of $103.9 million. Additionally, the company’s basic and diluted losses per share of 59 cents was worse than analysts’ expectation of an 11-cent loss.
Moreover, here’s what else is worth mentioning from the most recent fuboTV earnings report:
- Adjusted per-share losses were 67.8% worse than a loss of $1.83 cents during Q1 2020.
- Revenue for the quarter comes in way higher year-over-year (YoY) compared to $7.3 million in Q1 2020.
- Operating loss of $65.08 million was higher than the prior-year loss of $18.13 million.
- The fuboTV earnings report also includes a net loss of $70.19 million; that’s 24.6% better, compared to a loss of $56.34 million from Q1 2020.
- Additionally, the firm said it ended the quarter with 590,000 subscribers — up 105% from 287,000 a year earlier.
Furthermore, co-founder and CEO David Gandler and executive chairman Edgar Bronfman had this to say about the FUBO stock earnings:
“fuboTV’s first quarter was an inflection point in our business and set us up for what we expect to be a stellar 2021. In the first quarter, we continued our growth trajectory, more than doubling our total revenue, ad revenue and paid subscribers, despite seasonal trends. As highlighted in our continued year-over-year margin expansion, we are progressing well on our path to profitability, while investing in our future growth.”
The company also upgraded its guidance for revenue and subscribers in the earnings release. This included revenue to be between $520 million and $530 million and subscribers to reach between 830,000 and 850,000 at the end of FY2021.
FUBO stock was up 11.1% as of Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.