Sports-focused streaming video service FuboTV late Tuesday smashed analyst estimates for new subscribers in the third quarter. But FuboTV stock fell in extended trading.
The New York City-based company added 262,884 subscribers in the September quarter, ending the period with 944,605 total subscribers. Analysts expected FuboTV to add 137,000 new subscribers in the third quarter for a total of 817,000 subscribers, according to FactSet.
After the quarter ended, FuboTV crossed the milestone of 1 million subscribers.
FuboTV lost 74 cents a share on sales of $156.7 million in the third quarter. Wall Street had predicted a loss of 61 cents a share on revenue of $143.5 million, FactSet said.
On an adjusted basis, FuboTV lost 59 cents a share, compared with a loss of $1.08 a share in the year-earlier period.
FuboTV Stock: 'Emperor Has No Clothes'
In after-hours trading on the stock market today, FuboTV stock dropped 6.5%, near 31. During the regular session Tuesday, FuboTV stock slipped 1.6% to close at 33.13.
Earnings report details to follow.
In a report Tuesday, LightShed Partners slammed FuboTV stock. The firm raised doubts about whether the company could make a viable business out of its money-losing multichannel video service and subscale sports-betting product. LightShed analysts also said that FuboTV is overpaying for sports rights.
The end game for FuboTV executives likely is to "sell the company before everyone realizes how bad the underlying financial story actually is," LightShed analysts said. FuboTV investors have yet to realize that "the emperor has no clothes," the report said.
On Nov. 3, FuboTV launched Fubo Sportsbook, an online betting service, in the U.S., starting with Iowa. The sportsbook service is integrated with the company's live TV service on mobile devices.
On Nov. 4, FuboTV stock flirted with a buy point of 35.19 out of an 18-week consolidation period, according to IBD MarketSmith charts. But its shares pulled back from that resistance level.
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