FuboTV Beats Q4 Estimates but Shares Fall 16%-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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FuboTV Beats Q4 Estimates but Shares Fall 16%

Tiger Newspress2023-02-27

Shares of FuboTV fell 16% in morning trading despite the sports-focused live TV streaming service reporting better-than-expected Q4 results.

The company then disclosed it raised $68.1 million after selling 36.7M shares in “block trades to multiple investors under the Company’s at-the-market [ATM] program.”

“The Shares were sold at negotiated discounts to the closing sale price of the Common Stock on the New York Stock Exchange on February 24, 2023,” Fubo said in a filing.

For its fourth quarter, FUBO reported a loss per share of $0.39 on revenue of $319.3M. Analysts were looking for a loss per share of $0.71 on sales of $285.6M. Net loss for the quarter stood at $95.9M. Sales increased by 38% year-over-year as subscription revenue rose 39% to $284.9M.

“The fourth quarter also marked our lowest level of quarterly cash usage in Fubo’s time as a publicly-traded company and we achieved positive gross profit. Over the course of 2022 we undertook bold measures to position our business for today’s challenging macroeconomic environment,” said David Gandler, co-founder and CEO, Fubo.

For this quarter, FuboTV said revenue should be in the range of $295-300M while full-year revenue is seen between $1.195 billion and $1.225B. Analysts were looking for $304.3M and $1.26B, respectively.

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marcothen
·2023-02-28
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