FuboTV Inc (FUBO) stock started the Tuesday, May 11, 2021, session by gaining 8.01% to close at $17.67.it kept its positive momentum in the after-hours session and surged 22.64% to close the day at $21.66 per share.
FUBO shares have fallen only 2.38% over the last 12 months, and they have moved down 6.41% in the past week. Over the past three months, the stock has lost 62.20%, while over the past six months, it has added 18.43%.
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Let’s see why FUBO performed well on Tuesday
Recent financial results announcement
On May 11, 2021, FuboTV Inc announced its financial results for the first quarter ended March 31, 2021.
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Q1 2021 financial highlights
- Total revenue for Q1 2021 was $119.7 million compared to $51 million in Q1 2020.
- In Q1 2021, total operating expenses were $184.8 million compared to $102.7 million in Q1 2020.
- FUBO suffered a net loss of $70.2 million in Q1 2021 compared to a net loss of $66.6 million in Q1 2020.
- Adjusted EBITDA was negative $46.5 million compared to negative $36.9 million in Q1 2020.
- On March 31, 2021, FUBO had $465 million of cash, cash equivalents and restricted cash.
Financial outlook
The company is expecting revenue of $120 to $122 million in Q2 2021 and $520 to $530 million of revenue in FY 2021.
The branded content studio launched at 2021 IAB new fronts
On May 3, 2021, FuboTV launched a branded content studio for advertisers, new and returning shows from Terrell Owens, Matthew Hatchette, and Gilbert Arenas on Fubo Sports Network, and a partnership with LiveRamp to enhance its addressable advertising capabilities.
Participation in the upcoming investor conference
fuboTV Inc will participate in a fireside chat at the 16th Annual Needham Virtual Technology & Media Conference which is scheduled on Monday, May 17, 2021, at 11:45 am ET.
The co-founder and CEO David Gandler and CFO Simone Nardi will present the company and will have virtual one-on-one and small group meetings with institutional investors throughout the day.
Exclusive streaming rights for South American Qatar world Cup 2022 qualifying matches
On April 9, 2021, fuboTV Inc confirmed that it has acquired the exclusive live streaming rights to the Qatar world cup 2022 qualifying matches of the South American football confederation.
FuboTV signed a partnership with the 10 South American teams’ rights holders, which strengthens fuboTV’s leading position as a sports-first live TV streaming platform.
Conclusion
The company reported the strongest first quarter in its history on May 11 which was the reason behind its gains on Tuesday. FUBO stock can further surge on Wednesday, based on its recent exceptional financial results.
