Here's Why FuboTV Stock is Up Almost 167 Percent Since Going Public
FuboTV shares are up more than 167 percent since it went public on Oct. 13 due to strong earnings and bullish sentiment, according to the Motley Fool.
Shares in the spots streaming company were up 105.3 percent in November, according to data from S&P Global Market Intelligence. An overall market rally helped drive the massive surge in the share price in addition to strong earnings and bullish sentiment. On November 10, Fubo's third-quarter earnings revealed strong sales growth and an increase to the company's full-year sales target.
Here are the numbers from that earning report:
- Revenue came in at $61.2 million in the third quarter, an increase of 71 percent YoY.
- Streaming subscription revenue increased 64 percent YoY to $53.4 million.
- The company reported 455,000 current streaming subscribers.
- Advertising revenue increased 153 percent YoY to $7.5 million.
Fubo shares have continued to rise into December. On December 1, Fubo announced that it acquired Balto Sports, an online betting company. The terms of the deal have not been disclosed, but investors seem to be excited by the deal. The company has previously alluded that it had an interest in the sports-betting industry.
- Fubo is expecting fourth-quarter sales to come in somewhere between $80 million and $85 million, representing growth of 55.5 percent YoY.
- Full-year sales are expected between $244 and $248 million, an increase of around 65 percent YoY.
- 2021 revenue is expected between $415 and $435 million, an increase of around 70 percent YoY.
FuboTV's market cap is closing in on the $2 billion mark.
The stock seems to be performing well and have significant upside as consumers look to cut costs from cable providers.