FuboTV Inc shares jumped 40% to $1.57 on Friday after the sports-first live TV streaming platform announced that its first-quarter 2023 revenue rose 33.9% to $324.4 million, surpassing the FactSet consensus estimate of $303.4 million.
The company’s net loss for the period narrowed to $86.4 million, or $0.37 a share, from $142.9 million, or $0.89 a share, a year earlier, which was also better than Wall Street’s expectations for a $0.45 per-share deficit.
FuboTV ended the quarter with $364.8 million in cash, cash equivalents and restricted cash, as of March 31, 2023.
“We are confident that our cash balance is sufficient to fund our operating plan until we achieve positive cash flow in 2025,” FuboTV CEO David Gandler said in a statement.
As well, FuboTV raised its full-year 2023 guidance range for North America subscribers to 1.550 million to 1.570 million from 1.510 million to 1.530 million.
Despite today’s big stock-price gain, shares of FuboTV have plunged 63% over the past 52 weeks.
Contact Sean at sean@proactiveinvestors.com