Shares of streaming platform fuboTV (NYSE:FUBO) are soaring higher today after the company delivered better-than-anticipated first-quarter numbers.
Revenue rose 34% year-over-year to $324.4 million, surpassing estimates by $21 million. Additionally, the net loss per share at $0.27 came in narrower than expectations by $0.11.
During the quarter, the number of paid subscribers surged by 22% to 1.285 million. Further, the company’s American streaming business grew at a healthy 34% to $316.5 million. In sync, its Rest of World streaming business also clocked 41% growth to $7.8 million.
The company also managed to shore up its balance sheet with a cash pile of $364.8 million at the end of the quarter. FUBO now expects subscriber numbers to range between 1.550 million and 1.570 million for the year. This indicates an 8% year-over-year growth at the midpoint.
Next, North America revenue for the year is anticipated between $1.235 billion and $1.265 billion, indicating a 27% rise at the midpoint.
Overall, the Street has a $3.26 consensus price target on FUBO pointing to a 115.9% potential upside in the stock.
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