Here's Why fuboTV Stock Soared Today
Shares of fuboTV (NYSE: FUBO), which operates a streaming platform for live sports, soared on Wednesday after the company released unaudited results for the third quarter showing strong growth. It's only been one month since it started trading on the New York Stock Exchange, but the stock has nearly doubled from its initial public offering price of $10 per share. As of 10:55 a.m. EST, fuboTV stock was up by close to 23%.
For the quarter, fuboTV reported that revenue grew by 47% year over year to $61 million. However, the company sold its FaceBank AG business in July, and it didn't generate any revenue for the company this past quarter. If you exclude revenue generated from FaceBank in the third quarter of 2019, then revenue showed much stronger growth of 71%.
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Source Fool.com
