- FUBO TV reported Q2 earnings after the close on Tuesday.
- FUBO beats on EPS and revenue numbers.
- FUBO stock surges over 10% in post-market trading.
Update: FUBO smashed numbers when releasing Q2 results after the close on Tuesday. Earnings per Share (EPS) came in at $-0.38 versus the Street estimate of $-0.50 while revenue was $130.88 million versus the estimate of $118.88 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. FUBO TV stock is trading at $31.61 in the post-market at the time of writing, up 10.5% from Tuesday's close. Conference call details (starts at 1730 EST) can be found here.
FUBO TV will report its second-quarter results after the close on Tuesday. Wall Street analysts expect the company to post a loss of $0.50 per share (EPS) and revenue of $118.9 million.
Fubo TV 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.
The company announced a share offering this week that could raise up to $750 million. FUBO rose sharply on Monday as investors appear in a bullish mood ahead of results. FUBO closed at $27.93 for a 6.6% gain.
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FUBO statistics
| Market Cap | $4 billion |
| Price/Earnings | -15 |
| Price/Sales | 5 |
| Price/Book | 10.5 |
| 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
This being a retail favourite, it is extremely volatile, so please use stops and have strong risk management in place. FUBO has repeatedly bounced from the $24.50 zone, and this is strong support. A break here and the next support is at $20. Here there is high volume support as we can see from the volume profile. Breaking lower though and the volume dries up alarmingly, meaning any break below $20 has the potential to accelerate sharply.
The short-term resistance is at $28.50, and this $24.50-28.50 range has held the FUBO share price in place since mid-July. A breakout should give us the signal we need. This range is shown in the rectangle formation on the chart below. To really get going to the upside though, there is a lot of volume until $35. Once through $35, the move should accelerate.
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