{"id":166496,"date":"2021-03-06T22:49:06","date_gmt":"2021-03-07T06:49:06","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=166496"},"modified":"2021-03-07T11:40:25","modified_gmt":"2021-03-07T19:40:25","slug":"fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/","title":{"rendered":"Fubo’s Stock Drops Despite Record Revenues, Caesars Sports Betting Deal"},"content":{"rendered":"

Sports-focused streaming service fuboTV started the week strong, with a record quarterly revenue report and news about its sports betting expansion. Yet, the company\u2019s stock saw its value drop by more than 28 percent in recent days, thanks to concerns over its revenue projections, as well as potential competition.<\/p>\n

\"fuboTV
Simone Nardi, CFO for fuboTV, laid out the company’s projections for 2021 this past week, saying the company expects first quarter 2021 revenues of between $101 million and $103 million. (Image: fuboTV)<\/figcaption><\/figure>\n

On Friday, fuboTV\u2019s stock (NYSE: FUBO) closed at $29.96, down $2.15 for the day. It\u2019s been a mostly downhill ride for the company this week on Wall Street, especially since Tuesday, when shares closed at $41.92.<\/p>\n

Investment community website Seeking Alpha<\/em> noted the fuboTV decline started as DraftKings announced a deal<\/a> Wednesday with DISH Network. DISH offers its own streaming service, Sling TV.<\/p>\n

On Tuesday, fuboTV executives announced fourth-quarter revenues of $105.1 million. It marked the first time the service\u2019s revenues ever reached nine figures for a quarter. However, CFO Simone Nardi told analysts on the earnings call that the company expects revenues for the first quarter of 2021 to fall between $101 million and $103 million.<\/p>\n

The company also expects paid subscribers at the end of the first quarter to run between 520,000 and 530,000.<\/p>\n

\u201cHistorically, Q1 has been softer than Q4, when viewed sequentially on revenues, as well as contribution margin,\u201d Nardi said on the call.<\/p>\n

The first quarter coincides with the end of the pro and college football season. Those two typically generate the highest ratings among sports broadcasts.<\/p>\n

Losses Increase, But Executive Optimistic<\/h2>\n

While revenues went up for fuboTV, so, too, did losses. The company reported a net loss of $167.8 million for the fourth quarter and $570.5 million for the year.<\/p>\n

Still, company executives found many positives from the past year, including a 73 percent increase in subscribers. Not only did that base grow, but people watched more, too. Viewers watched nearly 545 million hours in 2020, up 82 percent from 2019. The average viewer streamed 7.2 hours daily, up nearly 12 percent.<\/p>\n

In a letter to shareholders, Cofounder and CEO David Gandler and Executive Chairman Edgar Bronfman Jr. said the company exceeded expectations on revenue, revenue per user, advertising revenue per customer, and paid subscribers.<\/p>\n

They told investors there\u2019s \u201cso much more to come\u201d from the company in 2021.<\/p>\n

We believe our sports-focused differentiated position will allow us to continue to grow our business across (key performance indicators), including advertising,\u201d Gandler and Bronfman wrote. \u201cOur goal is to develop fuboTV into a new kind of media company that combines streaming video and interactive sports wagering.\u201d<\/p><\/blockquote>\n

While the company has several key indicators, investors and analysts seem fixated on one issue.<\/p>\n

Seeking Alpha<\/em> shared this line from Evercore ISI\u2019s analysis of fuboTV: \u00a0\u201cAt this point, FUBO\u2019s value is largely predicated on investors\u2019 outlook on their potential success in sports betting.”<\/p>\n

Caesars Gives FuboTV Sports Betting Access<\/h2>\n

The day after the financial report, the company announced it secured market access agreements with Caesars Entertainment to operate the fuboTV Sportsbook in Indiana and New Jersey.<\/p>\n

That agreement comes on the heels of securing access in Iowa thanks to an agreement with the Casino Queen. In addition, fuboTV has already inked deals with NBA and MLB to serve as authorized gaming operators for both leagues. Those deals will give the sportsbook the ability to use league marks and logos. More importantly, it provides access to official league data.<\/p>\n

\n

The company expects to begin sportsbook operations during the fourth quarter. However, the guidance the company gave investors and analysts for 2021 did not include any projected revenues from wagering.<\/p>\n<\/div>\n

FuboTV started making its moves toward establishing a sports betting operation in December, when it bought Balto Sports to establish free-to-play games. A month later, it acquired Vigtory<\/a>, a web-based sportsbook.<\/p>\n

The past few months have been a roller coaster for the company and its investors. It launched its IPO in October, and made its sports betting announcement. However, some have targeted the company as a short-sell, believing the stock \u2013 once as high as $62.29 \u2013 is overpriced. Some investors have also filed a lawsuit<\/a> saying the company misled them.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sports-focused streaming service fuboTV started the week strong, with a record quarterly revenue report and news about its sports betting expansion. Yet, the company\u2019s stock saw its value drop by more than 28 percent in recent days, thanks to concerns over its revenue projections, as well as potential competition. On Friday, fuboTV\u2019s stock (NYSE: FUBO) […]<\/p>\n","protected":false},"author":45,"featured_media":166497,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nFubo's Wild Ride Continues as Stock Drops Despite Recent Good News<\/title>\n<meta name=\"description\" content=\"Despite announcing record 4Q revenue and sports betting deals in Indiana and New Jersey, fuboTV's stock has dropped 28 percent since Wednesday\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fubo's Wild Ride Continues as Stock Drops Despite Recent Good News\" \/>\n<meta property=\"og:description\" content=\"Despite announcing record 4Q revenue and sports betting deals in Indiana and New Jersey, fuboTV's stock has dropped 28 percent since Wednesday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-07T06:49:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-07T19:40:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/simone-nardi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"863\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Bittenbender\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Bittenbender\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/\",\"url\":\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/\",\"name\":\"Fubo's Wild Ride Continues as Stock Drops Despite Recent Good News\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/simone-nardi.jpg\",\"datePublished\":\"2021-03-07T06:49:06+00:00\",\"dateModified\":\"2021-03-07T19:40:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2\"},\"description\":\"Despite announcing record 4Q revenue and sports betting deals in Indiana and New Jersey, fuboTV's stock has dropped 28 percent since Wednesday\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fubos-wild-ride-continues-as-stock-drops-despite-recent-good-news\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/simone-nardi.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/simone-nardi.jpg\",\"width\":1200,\"height\":863,\"caption\":\"Simone Nardi, CFO for fuboTV, laid out the company's projections for 2021 this past week, saying the company expects first quarter 2021 revenues of between $101 million and $103 million. 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