By Dhirendra Tripathi
Investing.com – Fubotv (NYSE:FUBO) shares were up by almost a fifth in Wednesday’s premarket as the streaming service gave an outlook that was brighter than last time’s, owing to more than 100% growth in both subscribers and revenue in the March quarter.
The company now expects its 2021 revenue between $520 million and $530 million, the midpoint of which represents an increase of 101% year-over-year. This is higher than the 78% increase the previous guidance gave.
This subscriber outlook implies full year 2021 net additions of at least 282,000, 22% higher than 2020 net additions of 232,000.
Fubotv said its approximately 303,000 net subscriber additions since the first quarter of 2020 resulted in subscriber growth of 105% year-over-year.
The company clocked a 135% year-on-year jump in revenues to $119.7 million in March quarter. Net subscriber additions were approximately 43,000, a reversal from a decline of approximately 28,000 in the first quarter of 2020.
The robust performance prompted Oppenheimer’s Jed Kelly to put an ‘outperform’ on the stock although the analyst lowered the target to $32 per share from $35.