fuboTV Inc. (FUBO) Stock in Receding in Premarket, Here’s Why

fuboTV Inc. (FUBO), a company operating a live TV streaming platform, has declined 12.07% in the premarket trading session. Consequently, the stock is trading at $6.70 at the time of the writing. During Wednesday’s mid-day session, the stock declined by 2.87% and closed the day at $7.62. The stock is in decline in premarket owing to the announcement of financial results for Q4 2021 and FY 2021. Soon after the announcement of results, the stock went berserk but started to decline as soon as it became apparent that the outlook for Q1 2022 looks weak.

Q4 and FY 2021 Results

On Wednesday, FUBO reported the results for Q4 2021 and FY 2021. The total revenue for Q4 2021 was $231 million, an increase of 120% on a year-over-year basis. The net loss for the three months was $112 million, representing a decrease of 43% on a year-over-year basis. The total revenue generate during FY 2021 was $638 million, an increase of 144% on a year-over-year basis. The net loss suffered by the company during FY 2021 was $383 million, representing a decrease of 37% on a year-over-year basis.

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Guidance for Q1 and FY 2022

FUBO also released the guidance for the upcoming quarter and fiscal. From North America, the company expects the revenue to lie in the range of $232 to $237 million during Q1 2022, while for FY 2022; it is expected to remain between $1.08 and $1.09 billion. From the rest of the world, the expected revenue for Q1 2022 lies in the range of $3 to $6 million, while for FY 2022, the expected revenue lies in between $15 and $20 million.

Comments from FUBO CEO

David Gandler, CEO of FUBO, commented that the company has delivered an outstanding quarter and year. Several key financial and operational metrics have delivered outstanding performances during FY 2021. The progress of the company during fiscal 2021 would aid it in the execution of the strategic goals in the upcoming year as well.

Future Outlook for FUBO

Looking forward, analysts are of the view that FUBO stock currently holds several negative signals, and hence, is expected to perform poorly in the next couple of weeks. Investors should carefully consider this analysis before investing in FUBO during the upcoming few days.

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