Why FuboTV (FUBO) Stock Is Soaring Today - FuboTV (NYSE:FUBO)

FuboTV Inc FUBO shares are shooting upward Monday as it clocked a first-quarter beat on Friday and raised its outlook.
FUBO reported first-quarter FY23 sales growth of 34% year-on-year to $324.4 million, beating the consensus of $303.39 million.
Adjusted EPS loss of $(0.27) beat the consensus loss of $(0.43).
FuboTV sees Q2 revenue of $299.4 million-$305.4 million, above the consensus of $277.45 million.
FUBO raised its FY23 revenue outlook to $1.264 billion-$1.298 billion, above the Street view of $1.25 billion. The company's prior FY23 revenue was $1.220 billion - $1.254 billion.
Wedbush analyst Michael Pachter reiterates FuboTV with an Outperform and maintains a $5 price target.
After years of increasing losses, fuboTV is finally at an inflection point focused on optimizing per-subscriber metrics on both a revenue and cost basis, reducing cash burn, and inching toward profitability.
He is confident that fuboTV can ultimately reach profitability. Still, it has a long road ahead in a competitive industry with high content costs, advertising headwinds, and a consumer with a tighter wallet.
The analyst credits the company for its cost-cutting steps and its service's stickiness.
The company's decision to shut down its costly sports wagering business is improving its cash burn, while its cost-cutting efforts should allow it to maintain positive gross margins.
Overall, FUBO is a beaten-down stock with a path to profitability.
Needham analyst Laura Martin reiterates FuboTV with a Buy and maintains a $3 price target.
Price Action: FUBO shares traded higher by 22.10% at $1.80 on the last check Monday.

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Why FuboTV Stock Is Soaring Today