fuboTV Inc. (FUBO) leaps after strong revenue growth, raises subscriber outlook

fuboTV Inc. (NYSE: FUBO) shares surged more than 34% in Friday's session on the back of its impressive first-quarter results, which saw the company beat top and bottom-line consensus estimates.

The streaming business reported a loss per share of $0.27 in the quarter, $0.16 better than the analyst estimate of a $0.43 loss per share. Revenue for the quarter came in at $324.4 million versus the consensus estimate of $303.42 million.

At the time of writing, FuboTV is trading at $1.48 per share, its highest level since March.

Paid subscribers rose to 1.285 million in the quarter, up 22% YoY, while ad revenue of $22.5 million remained flat YoY against continued pressure on the advertising market. Fubo said it expects a reacceleration of growth in the second quarter.

Given the strong paid subscriber growth, Fubo raised its full-year subscriber guidance to between 1.55 million and 1.57 million, representing a potential 8% YoY growth at the midpoint. It sees full-year revenue between $1.24 billion and $1.27 billion.

"We are pleased with Fubo's execution to start 2023 - beating expectations across our KPIs - and our increased North America guidance for the year reflects our confidence in our continued leadership in streaming," commented David Gandler, co-founder and CEO of Fubo. "In addition, we remain confident in our path to generate positive cash flow in 2025."

By Sam Boughedda

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