Shares of fuboTV Inc. rose 20% after-hours when the company boosted guidance and reported its first-quarter results.
The sports streaming company now expects between $520 million and $530 million in revenue for the fiscal year, which at the midpoint would mean it would be up 101% from fiscal 2020. The company had previously been expecting revenue to rise 78% at the midpoint of its old guidance. According to FactSet, analysts are expecting revenue of $472.6 million.
The company is expecting to have between 830,000 and 850,000 subscribers at the end of 2021, which it said would mean an increase of 53% at the midpoint from 2020. Its old guidance range was for that measure to rise 40% at the midpoint.
For the first quarter, revenue at the company more than doubled to $119.7 million. Analysts were expecting $103.9 million. The company reported a net loss attributable to controlling interests of $70.1 million. It ended the quarter with 590,000 subscribers, up from 287,000 a year earlier.
For the second quarter, the company expects between $120 million and $122 million in revenue. Analysts are expecting $98 million. It expects subscribers to be between 600,000 and 605,000, it said.
fuboTV also increased revenue and subscriber guidance for the full year 2021.
"The first quarter of 2021 was an inflection point for fuboTV," said David Gandler, co-founder and CEO, fuboTV. "For the first time in any first quarter, we reported sequential revenue and subscriber growth, despite past seasonality trends. This tells us that consumers are increasingly cutting the cord. We believe they are choosing fuboTV, enticed by superior value, our year-round content offerings and a customer-centric, innovative consumer product experience relative to legacy pay TV (cable / satellite / telco). We see this trend continuing to accelerate as more consumers discover they can cut the cord without losing access to the sports teams, live channels and content they love."
Shares were trading at $21.15 a share when they were up 20%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
May 11, 2021 16:53 ET (20:53 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Comment(1)
The next Netflix?
Reason For Report