Why fuboTV Stock Dropped Thursday
Streaming television service fuboTV (NYSE: FUBO) announced quarterly earnings Tuesday afternoon, and the stock has dropped almost 25% since. Wednesday's slide has continued today, as shares are down over 6% as of 3:50 p.m. EST.
It's not that earnings were bad. The company reported its first fiscal quarter of revenue greater than $100 million. And the fourth quarter capped off a year where total revenue grew 83%, and paid subscribers reached almost 550,000. That represented 73% growth in a year.
Today, fuboTV announced more progress on growing its sportsbook ambitions, announcing agreements for fuboTV sportsbooks in Indiana and New Jersey through Caesars Entertainment (NASDAQ: CZR). But news of a deal yesterday between DraftKings (NASDAQ: DKNG) and Dish Network (NASDAQ: DISH) might have fuboTV investors concerned.
Source Fool.com
