FuboTV Gains 9% In Pre-market On Increased Q3 Revenue Outlook

(RTTNews) - Shares of FuboTV Inc. (FUBO) are rising more than 9% in pre-market on Tuesday after the TV streaming platform raised its third-quarter revenue outlook. The company also decided to close down its sports betting division, Fubo Gaming and cease operation of Fubo Sportsbook citing challenging macroeconomic environment.

"Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals," said David Gandler, co-founder and CEO, FuboTV.

For the third quarter, the company sees revenue for North America (NA) to be at least $210 million, an increase of about 34% year-over-year. This is compared with the prior outlook of $200 million-205 million.

Rest of World (ROW) revenue for the third quarter is seen at least $5.5 million, compared with the previous outlook of $5 million-6 million.

Paid subscribers in NA for the third quarter are expected to exceed 1.22 million, an increase of more than 27% from last year, with ROW paid subscribers expected to reach nearly 350,000. Earlier guidance for paid subscriber guidance was 1.135 million-1.155 million for NA and 340,000-360,000 for ROW.

FUBO closed at $4.05, up 6.3% on Monday. It has traded in the range of $2.31-$35.10 in the last 52 weeks.