fuboTV Inc. (NYSE: FUBO) rose sharply in Wednesday trading after the company reported better-than-expected Q1 sales and issued strong sales guidance.
fuboTV Inc., which purports to be the leading sports-first live TV streaming platform, today announced its financial results for the first quarter ended March 31, 2021.
The company closed the strongest first quarter in its history, delivering better-than-expected growth in subscribers (590,430, up 105% year-over-year, including 43,000 net additions in the quarter), total revenue ($119.7 million, up 135% year-over-year) and advertising revenue ($12.6 million, up 206% year-over-year). The quarter marked the first time fuboTV achieved sequential subscriber and revenue growth in any first quarter, despite seasonal trends.
fuboTV also increased revenue and subscriber guidance for the full year 2021.
"The first quarter of 2021 was an inflection point for fuboTV," said CEO David Gandler. “For the first time in any first quarter, we reported sequential revenue and subscriber growth, despite past seasonality trends. This tells us that consumers are increasingly cutting the cord. We believe they are choosing fuboTV, enticed by superior value, our year-round content offerings and a customer-centric, innovative consumer product experience relative to legacy pay TV (cable / satellite / telco).
"We see this trend continuing to accelerate as more consumers discover they can cut the cord without losing access to the sports teams, live channels and content they love."
Shares in FUBO rocketed $1.32, or 8.1%, to $17.67.
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