Sports-first live TV streaming platform company fuboTV Inc. (FUBO:NYSE) today announced preliminary Q4/20 revenue and subscriber data. The firm stated that it enjoyed record quarterly and yearly results for each of these parameters and that it expects to surpass the previous guidance issued by the company.
fuboTV reported that for Q4/20 it expects total revenue of $94 million to $98 million, which represents a 77-84% increase compared to total revenue in Q4/19. The company indicated that its previously issued Q4/20 guidance estimated total revenue to come in between $80 million to $85 million. The firm advised that the comparative year-over-year gains in total revenue were inclusive of the growth in the company due to its merger with FaceBank Group Inc. in 2020.
The company indicated that at year-end 2020, paid subscribers are expected to increase by 72% and will exceed 545,000. The firm noted that its prior guidance called for a total of 500,000-510,000 subscribers.
The company's CEO and co-founder David Gandler commented, "fuboTV's strong preliminary fourth quarter 2020 results exceeded what was already expected to be a record year for the company, and demonstrate continued consumer excitement for the company's live TV streaming offering...In 2021, we will continue to be laser focused on executing our growth strategies, which include continuing to grow advertising revenues, working to implement sports wagering into our product and further establishing fuboTV as a leader in sports and live streaming."
fuboTV is based in New York and describes its business as being "the leading sports-first live TV streaming platform offering subscribers access to tens of thousands of live sporting events annually as well as leading news and entertainment content." The fuboTV subscriber platform offers a broad range of greater than 100+ live sports, news and entertainment channels including 42 of the top 50 Nielsen-ranked networks. Subscribers can view content via Roku, Apple TV, Amazon Fire TV or Chromecast by installing the fuboTV app on their mobile or desktop devices and then view or stream directly to their TV.
fuboTV began the day with a market capitalization of around $1.6 billion with approximately 67.56 million shares outstanding and a short interest of about 32.2%. FUBO shares opened more than 14% higher today at $27.71 (+$3.47, +14.32%) over yesterday's $24.24 closing price. The stock has traded today between $26.77 and $30.77 per share and closed at $27.33 (+$3.09, +12.75%).[NLINSERT]
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