FuboTV (FUBO), a sports-first live TV streaming service, late Tuesday added more subscribers than forecast in the fourth quarter, but posted a much larger-than-expected loss. FUBO stock fell in extended trading.
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The New York City-based company lost $2.47 a share on sales of $105.1 million in the December quarter. Analysts expected the company to lose 73 cents a share on sales of $93.9 million. In the year-earlier period, it lost $1.07 a share on sales of $53.1 million.
FuboTV ended 2020 with 547,880 subscribers, up 73% year over year. It had forecast ending the year with more than 545,000 subscribers in its updated guidance on Jan. 5.
It expects to end the first quarter with 520,000 to 530,000 subscribers, up 81% to 84% year over year. However, that would represent a seasonal decline of 3% to 5% from the fourth quarter.
FUBO Stock Drops In Late Trades
For the current quarter, FuboTV expects to generate revenue of $101 million to $103 million, or growth of 98% to 102% year over year . Wall Street had predicted first-quarter sales of $99.4 million.
For the full year, FuboTV forecast revenue of $460 million to $470 million, up 76% to 80% year over year. It guided to year-end subscribers of 760,000 to 770,000, an increase of 39% to 41%.
In after-hours trading on the stock market today, FUBO stock fell 4.8%, near 39.90. During the regular session Tuesday, FUBO stock jumped 8% to 41.89.
FuboTV held its initial public offering on Oct. 8 with FUBO stock priced at $10.
‚A New Kind Of Media Company‘
FuboTV competes with other multichannel online video services such as Alphabet’s (GOOGL) YouTube TV, Dish Network’s (DISH) Sling TV and privately owned Philo.
In addition to its live TV streaming service, FuboTV is diversifying into online sports betting. On Jan. 12, it announced a deal to buy sports betting and interactive gaming company Vigtory. FuboTV expects to launch a sportsbook before the end of the year.
In December, FuboTV bought Balto Sports, a company that develops tools for people to organize and play fantasy sports games.
„Our goal for 2021 and beyond is to develop FuboTV into a new kind of media company that combines both innovative streaming video and sports wagering,“ Executive Chairman Edgar Bronfman Jr. said in a news release.
FUBO stock ranks No. 11 out of 19 stocks in IBD’s Leisure-Movies & Related industry group, according to the IBD Stock Checkup tool.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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