Why Is FuboTV Stock Trading Down Friday?
Portfolio Pulse from Anusuya Lahiri
FuboTV Inc (NYSE:FUBO) reported Q4 fiscal 2023 results with a 28.5% Y/Y sales increase to $410.18 million, surpassing consensus estimates. Adjusted EPS loss narrowed to $(0.17), beating expectations. Gross margin improved by 888 bps Y/Y to 10%, and subscriber-related expenses decreased to 86.5% of revenue. North America Streaming revenue grew 29% Y/Y, while Rest of the World Streaming saw an 18% Y/Y increase. FuboTV ended the quarter with $251 million in cash. The company's Q1 and fiscal 2024 revenue forecasts are below consensus estimates. FUBO shares dropped 5.6% to $1.95. ProShares Trust ProShares Metaverse ETF (NYSE:VERS) and IShares Robotics And Artificial Intelligence Multisector ETF (NYSE:IRBO) are mentioned as ways to gain exposure to FUBO stock.
March 01, 2024 | 3:04 pm
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NEGATIVE IMPACT
FuboTV reported strong Q4 fiscal 2023 results with sales and EPS beating estimates, but shares fell due to lower future revenue forecasts.
Despite FuboTV's positive Q4 performance, the stock price declined due to its future revenue projections being below consensus estimates. This indicates investor concern over the company's growth prospects.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
IShares Robotics And Artificial Intelligence Multisector ETF (NYSE:IRBO) includes FuboTV, potentially affecting its performance.
IRBO's performance may be indirectly impacted by FuboTV's financial results due to its inclusion in the ETF. The effect is likely minimized by the ETF's broad portfolio.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
ProShares Trust ProShares Metaverse ETF (NYSE:VERS) offers exposure to FuboTV stock, which could be impacted by FuboTV's performance.
As VERS ETF includes FuboTV in its holdings, its performance may indirectly influence VERS. However, the impact is likely diluted due to the diversified nature of ETFs.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50