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Why FuboTV Stock Is Soaring Today

FuboTV Inc (NYSE:FUBO) shares are shooting upward Monday as it clocked a first-quarter beat on Friday and raised its outlook. FUBO…
byAnusuya Lahiri
May 8, 2023
1 minute read
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  • FuboTV Inc (NYSE:FUBO) shares are shooting upward Monday as it clocked a first-quarter beat on Friday and raised its outlook.
  • 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).
  • FuboTV sees Q2 revenue of $299.4 million-$305.4 million, above the consensus of $277.45 million.
  • FUBO raised its FY23 revenue outlook to $1.264 billion-$1.298 billion, above the Street view of $1.25 billion. The company’s prior FY23 revenue was $1.220 billion – $1.254 billion.
  • Wedbush analyst Michael Pachter reiterates FuboTV with an Outperform and maintains a $5 price target.
  • After years of increasing losses, fuboTV is finally at an inflection point focused on optimizing per-subscriber metrics on both a revenue and cost basis, reducing cash burn, and inching toward profitability. 
  • He is confident that fuboTV can ultimately reach profitability. Still, it has a long road ahead in a competitive industry with high content costs, advertising headwinds, and a consumer with a tighter wallet.
  • The analyst credits the company for its cost-cutting steps and its service’s stickiness. 
  • The company’s decision to shut down its costly sports wagering business is improving its cash burn, while its cost-cutting efforts should allow it to maintain positive gross margins. 
  • Overall, Fubo is a beaten-down stock with a path to profitability. 
  • Needham analyst Laura Martin reiterates FuboTV with a Buy and maintains a $3 price target.
  • Price Action: FUBO shares traded higher by 22.10% at $1.80 on the last check Monday.
 
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