Fubo Shares Soar 19% Premarket on Subscriber Forecast, Strategic Review of Sports Wagering Service

Fubo Shares Soar 19% Premarket on Subscriber Forecast, Strategic Review of Sports Wagering Service.Fubo (FUBO) said that for its third quarter, it expects to have 1.475M to 1.515M subscribers worldwide, up from the 1.294M subscribers it reported for its recently completed second quarter. Of those anticipated subscriber figures, Fubo (FUBO) estimates that between 1,135M and 1.155M will be in North America, with the remainder in the rest of the world.

Fubo (FUBO) also said it expects third-quarter revenue to be in a range of $200M to $205M, or potentially 31% more than the $156.7M Fubo (FUBO) in the third quarter of 2021.

The company also announced a major change to its online sports wagering business plans that include seeking out a partner to build out the betting side of its business.

In a statement, Fubo (FUBO) said that it believes in the opportunities of an integrated wagering platform that offers offering both live video and a sportsbook, but that it won't go about making such a feature available by itself.

"We will no longer pursue this opportunity on our own," Fubo (FUBO) said. "We are in internal and external discussions to determine the best path forward."

Along with its outlook, Fubo (FUBO) reported a second-quarter loss, excluding one-time items, of 45 cents a share, on revenue of $216M. Wall Street analysts had forecast Fubo (FUBO) to lose 57 cents a share on $226.6M in revenue for the quarter that ended in June.

For its full year, Fubo (FUBO) forecast total revenue in a range of $930M to $955M, and estimates it will end the year with 1.67M and 1.71M subscribers.

Fubo (FUBO) also disclosed its plans for its sports wagering business less than two months after launching pick 'em games for its online sportsbook.