- FuboTV Inc. FUBO shares are jumping Friday morning as the sports-first live TV streaming platform's first-quarter results outperformed consensus and raised its FY23 forecast. The company also revealed confidence in its current cash balance.
- FUBO reported first-quarter FY23 sales growth of 34% year-on-year to $324.4 million, beating the consensus of $303.39 million.
- Adjusted EPS loss of $(0.27) beat the consensus loss of $(0.43).
- Adjusted EBITDA margin loss improved by 2,118 bps to (18.2)%.
- North America Streaming: Revenue grew 34% Y/Y to $316.5 million as subscribers grew 22% Y/Y.
- Rest of the World Streaming: Revenue was $7.8 million, a 41% jump.
- FuboTV ended the quarter with $364.8 million of cash and equivalents.
- FUBU also reported confidence in its sufficient cash balance to fund its operating plan until it achieves positive cash flow in 2025. Accordingly, FUBU has no plans to utilize the at-the-market (ATM) program based on its current outlook.
- Outlook: FuboTV sees Q2 North America revenue of $292.5 million-$297.5 million and Rest of the world revenue of $6.9 million - $7.9 million, representing total of $299.4 million-$305.4 million, above the consensus of $277.45 million.
- FUBO raised its FY23 North America revenue outlook to $1.235 billion-$1.265 billion and Rest of the World revenue to $28.6 million-$32.6 million, representing total of $1.264 billion-$1.298 billion, above the Street view of $1.25 billion. The company's prior FY23 forecast for North America revenue was $1.195 billion-$1.225 billion, and Rest of the World revenue was $24.5 million-$28.5 million.
- Price Action: FUBO shares traded higher by 29% at $1.44 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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