Why FuboTV Shares Are Trading Higher Today

FuboTV Inc (NYSE: FUBO) is trading higher Wednesday after the company announced better-than-expected second-quarter financial results.

FuboTV reported quarterly revenue of $130.9 million, which beat the estimate of $118.88 million and was up 196% year over year. Advertising revenue was up 281% year over year. The company raised its full-year 2021 revenue guidance from a range of $520 million to $530 million to a range of $560 million to $570 million.

FuboTV added 91,291 new paid subscribers in the quarter bringing its total paid subscribers to 681,721, representing a 138% increase year over year.

FuboTV customers streamed 245 million hours of content during the quarter, representing a 148% increase year over year.

“FuboTV delivered a strong second quarter of 2021 across all of our key financial and operational metrics: subscribers, total revenue and advertising revenue. Our Fubo Sportsbook with real-money wagering remains on track for a fourth quarter launch as we intend to further combine interactivity with streaming video," said David Gandler, co-founder and CEO of FuboTV.

Price Action: FuboTV has traded as high as $62.29 and as low as $8.26 over a 52-week period.

At last check Wednesday, the stock was up 12.60% at $32.25.