- FuboTV Inc FUBO Stocks shoot higher on Monday as it clocked a first quarter beat on Friday and elevated his outlook.
- FUBO reported Q1 FY23 revenue grew 34% year over year to $324.4 million, beating consensus of $303.39 million.
- Adjusted EPS loss of $(0.27) beat consensus loss of $(0.43).
- FuboTV reports Q2 revenue of $299.4-$305.4 million, ahead of the consensus of $277.45 million.
- FUBO raised its FY23 revenue guidance to between $1.264 billion and $1.298 billion, ahead of Street View’s $1.25 billion. The company’s previous FY23 revenue was $1.220 billion to $1.254 billion.
- Webusch Analyst Michael Pachter confirms FuboTV with an outperform and holds firm a target price of $5.
- After years of mounting 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 moving closer to profitability.
- He is confident that fuboTV can eventually reach profitability. Still, it has a long way to go in a competitive industry with high content costs, advertising headwinds, and a consumer on a tighter budget.
- The analyst credits the company for its cost-cutting moves and the stickiness of its service.
- The company’s decision to exit its costly sports betting business improves its cash burn, while its cost-cutting efforts should allow it to maintain positive gross margins.
- Overall, FUBO is a seedy stock with a path to profitability.
- Needham Analyst Laura Martin reiterates a Buy on FuboTV and maintains a price target of $3.
- price action: FUBO shares traded 22.10% higher to $1.80 on the last check Monday.
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