FuboTV Shares Rise On Record Q1 Revenue Growth

3 min read | May 12, 2021 12:23 PM PDT | By Team Kalkine Media

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FuboTV Shares Rise On Record Q1 Revenue Growth — Image source: metamorworks,Shutterstock

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Summary

First quarter revenue and subscriber figures exceeded FuboTV’s estimate.

Revenue grew 135 percent year over year to US$119.7 million.

Subscribers in the first quarter doubled to 590,430.

Full year 2021 revenue now anticipated to grow 101 percent.

FuboTV Inc. (NYSE:FUBO) shares rose around 20 percent on Wednesday morning as the company posted record first-quarter subscriber numbers and revenue growth, and lifted the full year guidance.

The New York-based company’s live streaming platform allows people to watch sports events, news and entertainment programs through smart TVs, smartphones, desktops and tablets.

FuboTV recently bagged exclusive streaming rights for qualifying matches of the South American Football Confederation as part of the Qatar World Cup 2022.

The company reported the results after the markets closed on Tuesday. The shares were up 9.12 percent to US$19.15 in the mid-day trading today.

Source: Pixabay

Q1 Revenue, Subscribers Beat Estimates

FuboTV’s 135 percent year-over-year growth in first-quarter revenue to US$119.7 million exceeded its revenue growth forecast range of 98 percent to 102 percent.

Subscribers in the quarter totaled 590,430, up 105 percent year over year. The company was expecting the subscribers to grow in the range of 81 percent to 84 percent.

FuboTV added approximately 43,000 subscribers during the period, compared to a decline of 28,000 subscribers in the first quarter of 2020.

Revenue from advertising jumped 206 percent to US$12.6 million while subscription revenue soared 131 percent to US$107.1 million.

The company also noted that monthly average revenue per user increased 28 percent year over year to US$69.09 million.

Despite past seasonality trends, FuboTV reported sequential revenue and subscriber growth, and the quarter an inflection point for the company, CEO David Gandler said in a letter to shareholders.

However, FuboTV widened its first-quarter net loss by 5 percent to US$70.2 million from the loss of US$66.6 million in the year-ago quarter.

Total operating expenses grew 80 percent year over year to US$184.8 million in the three months.

FuboTV Raises FY’21 Guidance

The company improved its full-year 2021 revenue outlook to the range of US$520 million to US$530 million, representing a growth of around 101 percent from 2020. Previously, it was expecting 78 percent growth in 2021.

Subscribers are anticipated to grow around 53 percent to the range of 830,000 and 850,000, up from the previous forecast of 40 percent growth.

For the second quarter, FuboTV targets around 174 percent year over year growth in revenue to the range of US$120 and US$122 million. Subscribers are expected to be between 600,000 and 605,000, up 111 percent.

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