FuboTV Exceeds Expectations in Q2
Shares of FuboTV Inc. rise by over 7% after impressive Q2 financial results, including a significant reduction in net loss.
Shares of FuboTV Inc. jumped more than 7% in Friday's premarket trading following the company's impressive financial results for the second quarter.
FuboTV reported a net loss of $49.9 million, or 17 cents per share, for the second quarter. This is a significant improvement compared to the year-prior quarter when the company recorded a loss of $116.1 million, or 63 cents per share. Analysts had predicted a higher GAAP loss per share of 30 cents, making FuboTV's performance even more impressive.
On an adjusted basis, the company reported an EBITDA loss of $30.5 million, an improvement from the $70.1 million loss in the same period last year. The FactSet consensus had anticipated a larger loss of $58 million on adjusted EBITDA basis.
FuboTV experienced substantial revenue growth, reaching $312.7 million in the second quarter compared to $222.1 million in the previous year. This figure exceeded the FactSet consensus of $302.3 million.
FuboTV's impressive Q2 results have positioned the company for continued growth and success in the streaming service industry.