FuboTV Inc FUBO shares are trading higher by 9.88% to $4.45 during Monday’s after-hours session after the company issued preliminary third-quarter North America (NA) revenue results above prior guidance. The company also reported a 27% increase in North America paid subscribers and ceased the operation of Fubo Sportsbook.
What Happened?
FuboTV says the company is expected to close the third quarter of 2022 with North America (NA) revenue of at least $210 million, an increase of approximately 34% year-over-year, and Rest of World (ROW) revenue of at least $5.5 million.
Prior third quarter revenue guidance for the NA streaming business was $200-205 million and $5-6 million for ROW. ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.
Additionally, the company says it expects to post approximately negative $100 million of Adjusted EBITDA (AEBITDA) in the third quarter.
Fubo’s balance of cash and cash equivalents at the end of the quarter is expected to be at least $300 million.
According to data from Benzinga Pro, FuboTV has a 52-week high of $35.10 and a 52-week low of $2.32.
Image and article originally from www.benzinga.com. Read the original article here.