Shares of streaming company fuboTV Inc (NYSE:FUBO) are trading sharply higher after beating first-quarter revenue estimates and raising guidance for the full fiscal year.
What Happened: FuboTV reported a record first-quarter revenue of $119.7 million, a 135% year-over-year increase, and beat the Street consensus of $103.8 million.
Subscribers in the quarter came in at 590,430, up 105% year-over-year, after adding over 43,000 net new subscribers.
Advertising revenue was up 206% year-over-year to $12.6 million. Average revenue per user was up 28% to $69.09. Advertising revenue per user was up 57% to $7.11.
This was the first time fuboTV achieved subscriber and revenue growth sequentially in any first quarter as its fourth quarter is typically its highest.
“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,” said CEO David Gandler.
Related Link: A Technical Look At FuboTV Stock Ahead Of The Q1 Print
What’s Next: FuboTV sees second-quarter revenue hitting a range of $120 million to $122 million, ahead of the $98.4 million consensus estimate.
For the full fiscal year, fuboTV is estimating revenue to hit a range of $520 million to $530 million, compared to $472.6 million estimates. The new guidance represents year-over-year growth of 101% at the mid-point and is up 78% from prior guidance.
The company is forecasting subscribers to hit a range of 830,000 to 850,000 for the full fiscal year, up 53% year-over-year at the midpoint.
Price Action: Shares of fuboTV are up 19% to $21.17 in after-hours trading Tuesday.
Disclosure: Author is long shares of FUBO.