HYZN - Why Is FuboTV (FUBO) Stock Up 18% Today?
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FuboTV (NYSE:FUBO) stock is climbing higher on Friday following the release of the streaming service’s earnings report for the second quarter of 2022.
Helping out FUBO stock today is adjusted earnings per share of -63 cents. That’s better than the -69 cents per share that Wall Street was expecting. It’s also better than the -68 cents per share reported in the same period of the year prior.
One negative from the FuboTV earnings report is its revenue of $221.9 million. That’s below the $226.6 million in revenue that analysts were looking for in the period. However, it’s a 70% increase year-over-year from $130.9 million.
Fueling that increase in revenue is North American subscription revenue growth of 70% YoY. Also, the company notes that ad revenue for Q2 2022 was up 32% from the second quarter of 2021.
FUBO Stock: FuboTV Announces Strategic Changes for Its Wagering Platform
FuboTV also revealed that its planning changes for its wagering platform. It said the follow about this in a letter to shareholders.
“As we have evaluated how best to scale these capabilities in today’s market, we have concluded that we will no longer pursue this opportunity on our own. Accordingly, our interactive wagering business is under strategic review. We are in internal and external discussions to determine the best path forward for Fubo’s gaming business and look forward to sharing more information.”
Heavy trading is also pushing FUBO stock higher today with some 25 million shares on the move. That’s a major increase over its daily average trading volume of about 12.3 million shares.
FUBO stock is up 18% as of Friday morning.
Investors seeking out the hottest stock market news for today are in the right place!
We’ve got all of the most recent stock news traders need to know about for Friday! That includes why shares of DraftKings (NASDAQ:DKNG), Hyzon Motors (NASDAQ:HYZN), and iRobot (NASDAQ:IRBT) stock are on the move today. You can catch up on this news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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