Why Is FuboTV (FUBO) Stock Up 18% Today?

  • FuboTV (FUBO) stock is jumping after the release of its second-quarter earnings report.
  • That’s despite the company seeing mixed results for the period.
  • FuboTV also announced strategic plans for its wagering platform.
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FuboTV (NYSE:FUBO) stock is climbing higher on Friday following the release of the streaming service’s earnings report for the second quarter of 2022.

Helping out FUBO stock today is the company’s adjusted earnings per share (EPS) loss of 63 cents. That’s better than the -69 cents per share Wall Street had expected. It’s also better than the 68 cent loss reported in the same period in 2021.

That said, one negative from the FuboTV earnings report is its revenue of $221.9 million. That came in below the $226.6 million in revenue analysts had looked for in the period. However, it still marks a 70% increase year-over-year (YOY) from $130.9 million in 2021.

Fueling that increase in revenue is North American subscription revenue growth of 70% YOY. Also, the company saw ad revenue for Q2 2022 grow 32% from Q2 2021.

FUBO Stock: FuboTV Announces Strategic Changes for Wagering Platform

In the report, FuboTV also revealed that its planning changes for its wagering platform. The company said the following in a letter to shareholders:

“[O]ur interactive wagering business is under strategic review. We are in internal and external discussions to determine the best path forward for Fubo’s gaming business and look forward to sharing more information.”

Heavy trading is pushing FUBO stock higher today, with some 25 million shares on the move as of this writing. That’s a major increase over the daily average trading volume of about 12.3 million shares.

FUBO stock is up 18% as of Friday morning.

Investors seeking out the hottest stock market news for today are in the right place!

We’ve got all of the most recent stock news traders need to know about for Friday! That includes why shares of DraftKings (NASDAQ:DKNG), Hyzon Motors (NASDAQ:HYZN) and iRobot (NASDAQ:IRBT) stock are on the move today. You can catch up on this news at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/08/why-is-fubotv-fubo-stock-up-18-today/.

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