Why fuboTV (FUBO) Shares Are Up This Week

fuboTV Inc. (NYSE:FUBO), established in 2015, started operating as a sports-focused streaming service. It has added many news and entertainment channels, such as ABC and Nat Geo, to its portfolio since its inception. Fubotv is now considered as a complete alternative to the existing cable TV services. The company competes in the market against over-the-internet bundles like YouTube TV and Hulu + Live TV, among others.

The New York-based streaming service went public in October by selling 18.3 million shares at $10 for total proceeds of $183 million. The company’s market value was around $620 million at the time of the IPO. However, its stock has been highly volatile since going public. Its share price started trading around $11 per share in October. The stock gained significant value in the subsequent weeks and touched a high price of around $62 on December 22. Though, its share price fell sharply afterward to a low of around $23, before rebounding to $30 recently.

Nevertheless, FUBO shares are still trading well above their IPO price. Moreover, the company announced exceptional financial figures in its previous quarterly report, with revenue jumping 71 percent on a year-over-year basis to $61.2 million. Its subscribers also climbed 58 percent to 455,000 in the third quarter.

Meanwhile, the company last week raised its revenue outlook for the fourth quarter. It now expects to report revenue in the range of $94 million to $98 million for Q4, as compared to its previous guidance between $80 million to $85 million. The revised outlook sent its shares up nearly 13 percent last Tuesday.

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FUBO shares enjoyed another surge on Tuesday after the company reported that it is looking forward to acquiring sports betting company Vigtory. The latest move is a part of its strategy to enter and strengthen its foothold in the online sports betting market.