FuboTV (FUBO) - Get fuboTV Inc. Report shares soared in premarket trading Wednesday after the sports streaming group boosted its full-year revenue guidance following a stronger-than-expected first quarter.
FuboTV said it sees 2021 revenue in the region of $520 million to $530 million, with subscribers rising to as high as 850,000 -- implying a year-on-year gain of 282,000 -- amid what it calls an ongoing shift of viewers from traditional pay TV.
Last month, the group reached an agreement with the Marquee Sports Network to broadcast Major League Baseball's Chicago Cubs games to its 159-channel line-up.
The New York based media group, which made its NYSE debut in October of last year, posed a narrower-than-expected first quarter loss of 59 cents per share on record revenues of $119.7 million, with subscribers reaching 590,000.
“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.
"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," he added.
FuboTV shares were marked 14% higher in early trading Wednesday to change hands at $20.00 each, a move that would cut the stock's year-to-date decline to around 17%.