StockAlert: FuboTV Ascends 27% On Quarterly Results

(RTTNews) - Shares of sports-first live TV streaming platform fuboTV Inc. (FUBO) are surging more than 22% Wednesday morning post reporting its first quarterly results after the company was listed on the NYSE in October this year.

The stock touched a new high of $20.34 this morning.

Revenues were $61.2 million, a 47% increase year-over-year on subscription revenue growth of 64%

Adjusted loss of $1.65 per share missed the average estimate of analysts polled by Thomson Reuters at $0.37 loss per share.

Paid subscribers at quarter end totaled 455,000, an increase of 58% year-over-year.

Average Revenue Per User (ARPU) per month was $67.70, up 14% year-over-year.

We believe fuboTV sits firmly at the intersection of three megatrends: the secular decline of traditional TV viewership, the shift of TV ad dollars to connected TVs and online sports wagering, a market which we intend to enter. As a result, we believe our growth opportunities are numerous. Our optimism in the future of fuboTV and the live TV streaming business has never been stronger," said Edgar Bronfman Jr., executive chairman, fuboTV.