Shares of FuboTV Inc.
headed more than 3 percent higher in premarket trading on Friday after the company beat revenue expectations but saw its losses widen from a year earlier. The streaming media company generated a net loss of $152.7 million, or 82 cents per share, compared with a loss of $105.9 million, or 74 cents per share, in the year-ago quarter. Analysts tracked by FactSet had expected a loss of 73 cents per share. The company also recorded a loss on an adjusted earnings before interest, tax, depreciation and amortization (Ebitda) basis of $92.7 million, compared to $81.3 million in the prior period. The FactSet consensus was for a $104.6 million adjusted Ebitda loss. FuboTV’s revenue rose to $224.8 million from $156.7 million, while analysts expected $213.3 million. The company had 1.23 million subscribers in North America in the third quarter, compared with 937,000 in the year-ago quarter. For the fourth quarter, FuboTV executives expect $277.5 million to $282.5 million in North American revenue along with 1.355 million to 1.375 million North American subscribers. The company announced a few weeks ago that it was discount from your sports betting business.