fubo TV (NYSE: FUBO) has jump 14.3% postmarket after publishing some preliminary third quarter results indicating it will exceed previous expectations for North America.
The company expects to close the third quarter with at least $210 million in North America revenue (34% yoy), up $200 million – $205 million, with rest of the world revenue of at least $5.5 million (vs. previous expectations for $5 million – $ 6 million).
Meanwhile, paid subscribers in North America are expected to reach 1,2200,000, an increase of more than 27% and from expectations for 1,135 million-1,155 million, while paid subscribers in the rest of the world will reach 350,000 (vs. the advice of 340,000-360,000).
It also expects to post approximately -$100 million in adjusted earnings before interest, taxes, depreciation and amortization in the third quarter. It says cash and equivalents will be at least $300 million by the end of the quarter.
The company also says it has concluded its strategic review of its gaming business with a decision to close it.
“While multiple parties expressed interest in the company, none of these opportunities would allow Fubo to lower its financing needs and generate sufficient returns for shareholders,” FuboTV said. “As a result, FuboTV will close its Fubo Gaming subsidiary and cease operating its Fubo Sportsbook owned and operated with immediate effect.”
The company reports full results on November 4; Street expects earnings per share of -$0.65 on revenue up 34% to $209.6 million.