Streaming company fuboTV Inc FUBO announced third-quarter results after market close along with a new company milestone.
What Happened: FuboTV reported third-quarter revenue of $156.7 million, up 156% year-over-year. Revenue came in ahead of the consensus of $143.6 million.
Advertising revenue was up 147% year-over-year to $18.6 million. This marked the strongest quarter in company history for its advertising business.
FuboTV ended the quarter with 944,605 subscribers, up 108% year-over-year. The company added 262,884 net subscribers in the quarter, a higher total than all of 2020.
What’s Next: Since completing the third quarter, the company announced it surpassed the one million subscriber mark.
FuboTV announced it's acquiring Molotov SAS, France’s leading live TV streaming platform. The company believes the acquisition will increase FuboTV’s global scale. Molotov operates with a freemium model offering a free tier and upselling options for additional packages. Molotov has around four million monthly active users.
Fubo Sportsbook was launched Nov. 3 in Iowa. The company has licenses to bring sports betting to Arizona, Indiana, New Jersey and Pennsylvania.
FuboTV raised its full-year revenue guidance from a range of $560 million to $570 million to a new range of $612 million to $617 million, ahead of the Street estimate of $577.7 million.
The company also raised its full-year subscriber guidance from a range of 910,000 to 920,000 to a new range of 1.06 million to 1.07 million.
FUBO Price Action: Shares are down 8% to $30.74 in after-hours trading Tuesday.
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