Shares of FuboTV (NYSE: FUBO) tanked in pre-market trading on Monday even as the sports-first live TV streaming platform’s adjusted loss narrowed to $0.39 per share in the fourth quarter versus a loss of $0.50 in the same period last year. Analysts were expecting FUBO to report a loss of $0.71 per share.
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Revenues increased by 38% year-over-year to $319.3 million and surpassing consensus estimates of $285.6 million.
Moreover, the company ended FY22 with a record high of 1.445 million subscribers in North America and 420,000 subscribers in international markets or the Rest of the world (RoW).
Looking forward, management now expects revenues in the first quarter to range between $295 and $300 million and from $1.19 billion to $1.225 billion in North America. For the RoW, Fubo has projected revenues to range from $5.5 million and $6.5 million in Q1 and between $24.5 and $28.5 million in FY23.
In addition, FUBO also announced that as a part of its at-the-market (ATM) program, the company had sold around 36.7 million shares of its common stock with a par value of $0.0001 per share for aggregate gross proceeds of $68.1 million in block trades to multiple investors.
FUBO stock has gained more than 35% year-to-date.
