Why fuboTV Stock Fell 37% Last Month
Shares of sports-centric streaming-TV company fuboTV (NYSE: FUBO) fell 37.3% in March, according to data provided by S&P Global Market Intelligence. The company reported positive financial results early in the month. However, it then had two big drops for unrelated reasons.
Investors could initially celebrate fuboTV's strong finish to 2020, in which it reached nearly 550,000 subscribers. However, investors bid fuboTV stock up in 2020, optimistic about the company's plans to monetize its user base by offering sports betting directly on its platform. So, much of its stock price reflected that optimism.
But on March 3, sports-wagering platform DraftKings signed a deal with DISH Network, spooking fuboTV investors. Basically, investors see increasing competition in the space and wonder whether fuboTV has an edge.
Source Fool.com
