Why FuboTV Stock Soared This Week
Shares of FuboTV (NYSE: FUBO) popped over 20% this week, according to data from S&P Global Market Intelligence. The live-TV streaming platform released its second-quarter earnings report after the market closed on Aug. 4, driving shares up over 20% in after-hours trading. On top of a resurgence of meme and growth stocks this week, that has sent Fubo's shares into the stratosphere.
On Aug. 4, Fubo released its Q2 earnings report. Revenue grew 70% year over year to $222 million in the period, with subscribers in North America up 47% to 947k. Clearly, investors are excited about the growth numbers Fubo is putting up, with the stock soaring in after-hours trading the day of the report.
Fubo also benefited from broad market movements this week. Even before its earnings announcement, shares were up as much as 19.5% since last Friday's close. Why? It is hard to pinpoint an exact reason, but it is likely that Fubo stock is trading higher because of a resurgence of the 2021 meme stocks this week. For example, Gamestop, one of the most famous meme stocks from last year, is up 13.4% this week. While it may seem silly, after 2021, it shouldn't be surprising that stocks can fluctuate this wildly in such a short time period.
Source Fool.com
