FuboTV CEO Weighs In On Q3 Results: 'A Phenomenal Quarter'

FuboTV Inc FUBO is trading significantly lower Wednesday after the company reported third-quarter financial results and announced the purchase of Molotov for approximately $190 million.

What Happened: FuboTV reported quarterly revenue of $156.7 million, which beat the estimate of $143.55 million. The company reported a quarterly net loss of $105.9 million and an adjusted EBITDA loss of $81.3 million.

The stock sold off amid uncertainty around the Molotov acquisition, according to CNBC.

Related Link: FuboTV Q3 Highlights: Revenue Beat, Best Advertising Quarter, International Acquisition, Sports Betting Update

Why It Matters: "The message is clear: Q3 was a phenomenal quarter. We exceeded expectations across every KPI (key performance indicator)," FuboTV CEO David Gandler said Wednesday on CNBC.

FuboTV has done all of the things it said it would do including launching a betting app, according to Gandler.

When FuboTV hit about 286,000 paying subscribers a year ago, everyone thought the growth would top out, he said. FuboTV announced it added 262,884 net subscribers during the third quarter, bringing total subscribers close to 1 million.

"We're very happy with our current growth rate," Gandler said.

He explained that the company's intention with the Molotov acquisition isn't to crush competitors in new markets, rather to capitalize on the opportunity the company presents.

Molotov "is a wonderful company that has a significant amount of talent, they have a fantastic technology platform and, you know, Fubo and Molotov use the same tooling, we have the same infrastructure and we have very similar operating models."

The acquisition made "complete sense" and is an opportunity to help power FuboTV's U.S. business, according to Gandler.

"There is a very constrained labor market in the United States. This allows us to really open up our capabilities for the U.S., de-risking our situation."

FUBO Price Action: FuboTV has traded as high as $62.29 and as low as $14.35 over a 52-week period.

The stock was down 20% at $26.49 at time of publication.

Photo: courtesy of FuboTV.