- FUBO breaks out of range after strong earnings.
- Sports streaming platform posts strong EPS and revenue ahead of forecasts.
- FuboTV stock surged in the post-market straight after release.
FuboTV (NASDAQ: FUBO) posted strong results on Tuesday after the market closed. Earnings per share (EPS) came in at $-0.38 versus the Street estimate of $-0.50, while revenue was $130.9 million versus the estimate of $118.9 million. FUBO also increased its Q3 sales guidance from $127 million to $140-144 million and also raised its subscribers' guidance from 840K to 910-920K. The stock closed out the session on Wednesday at $31.82, up 11.1%.
FuboTV is based in New York and is one of many streaming companies that have become more and more popular as people give up traditional cable and satellite subscription TV. FUBO is a little different from many of its competitors in that it has a large focus on the sports market, with live streaming broadcasts of over 50,000 sports events each year. Soccer is growing in popularity in the US, and FUBO has access to some global soccer rights and in particular the rights to the next World Cup in 2022 in Qatar. FUBO also has plans to get into live sports betting, having recently announced a market access agreement with The Cordish Companies. FUBO announced a share offering this week that could raise up to $750 million.
-637643722613341900.png)
FUBO statistics
| Market Cap | $4.4 billion |
| Price/Earnings | N/A |
| Price/Sales | 5.8 |
| Price/Book | 11.5 |
| Enterprise Value | $2.5 billion |
| Gross Margin | -23% |
| Net Margin |
-185% |
| Average Wall Street Rating and Price Target | Buy $39.43 |
| 52 week high | $62.29 |
| 52 week low | $8.26 |
FUBO stock forecast
The powerful move on Wednesday has set the stage for a test of resistance at $35.09. The top of our previous range was $28.50, and the breakout was powerful due to the strong results. Holding above the 9-day moving average remains key. Volume remains reasonable, but breaking $35.09 brings FUBO into a light zone of resistance-based volume, meaning the move could accelerate again on a break. As ever, use stops, and in such a strong move a trailing stop works well.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.