FuboTV Inc (NYSE:FUBO) is trading lower Thursday morning after the company reported fourth-quarter financial results and issued guidance.
FuboTV reported quarterly revenue of $231 million, which beat the $213.07 million estimate. FuboTV customers streamed 404 million hours of content during the quarter, up 96% year-over-year.
FuboTV finished 2021 with 1.13 million total paid subscribers after the company added 185,000 net subscribers in the fourth quarter.
"Within the year, we achieved several important milestones, representing meaningful advancements towards our mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content, interactivity and integrated wagering. Our progress over the course of 2021 further fortifies our position to continue to execute on that mission in 2022," said Edgar Bronfman Jr., executive chairman of fuboTV.
FuboTV expects first quarter revenue to be between $235 million and $243 million. Full-year 2022 revenue is expected to be between $1.095 billion and $1.11 billion.
Following the company's quarterly results, JPMorgan downgraded FuboTV from an Overweight rating to a Neutral rating and lowered the price target from $28 to $12.
FUBO Price Action: FuboTV has traded as high as $43.28 over a 52-week period. It's making new 52-week lows Thursday.
The stock was down 3.15% at $7.38 at time of publication.
