fuboTV (FUBO) to Report Q3 Earnings: What's in the Cards?
fuboTV Inc. FUBO is set to report third-quarter 2023 results on Nov 3.
For the third quarter of 2023, FUBO projects North America revenues of $272.5 million to $277.5 million, implying 25% year-over-year growth at the midpoint.
Within the Rest of the World (ROW), the company forecasts third-quarter 2023 revenues in the range of $7.2-$8.2 million, representing 34% year-over-year growth at the midpoint.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $288.51 million, indicating an increase of 28.34% year over year.
The consensus mark for loss is pegged at 25 cents per share, which has remained unchanged in the past 30 days.
Let’s see how things have shaped up prior to this announcement.
fuboTV Inc. Price
fuboTV Inc. price | fuboTV Inc. Quote
Factors to Consider
Strength in advertising demand on the streaming platform, along with strong attachment rates on value-added services, such as cloud DVR storage and the ability to stream on multiple devices, is expected to have aided top-line growth in the to-be-reported quarter.
Investors' focus will be on paid subscriber growth, which is an important metric for fuboTV. The popularity of its sports-first live TV streaming platform is expected to have aided paid subscriber growth in the third quarter.
North America subscribers are expected to reach 1.327-1.347 million in the third quarter of 2023, representing 9% year-over-year growth at the midpoint. ROW subscribers are expected to reach 382.5K-387.5K, representing 7% year-over-year growth at the midpoint. The company’s sports-first positioning, which differentiates fuboTV from other live TV-streaming platforms, is a key catalyst in driving subscriber growth.
The company’s strengthening position in online sports wagering is likely to have aided third-quarter performance.
Key Developments in Q3
In the third quarter, FUBO announced that it has been named as an official streaming service partner for the Women's National Basketball Association’s (WNBA) Chicago Sky. The partnership marks the company’s first collaboration with a WNBA team, following marketing partnerships with Major League Baseball’s Boston Red Sox, Cleveland Guardians, St. Louis Cardinals and Seattle Mariners.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
fuboTV currently has an Earnings ESP of 0.00% and carries a Zacks Rank of 3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Per our model, NVIDIA Corporation NVDA, Palantir Technologies PLTR and Synaptics SYNA have the right combination of elements to post an earnings beat in their upcoming releases.
NVIDIA sports a Zacks Rank #1 and has an Earnings ESP of +6.93% at present. The company is scheduled to report third-quarter fiscal 2023 results on Nov 21. Its earnings surpassed the Zacks Consensus Estimate thrice in the trailing four quarters and missed the same on one occasion, the average surprise being 9.8%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVIDIA’s third-quarter earnings is pegged at $3.34 per share, indicating a year-over-year increase of 475.9%. The consensus mark for revenues is pinned at $16.12 billion, suggesting a year-over-year surge of 171.7%.
Palantir carries a Zacks Rank #2 and has an Earnings ESP of +4.35% at present. The company is scheduled to report third-quarter 2023 results on Nov 2. Its earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, with the average surprise being 2.1%.
The Zacks Consensus Estimate for Palantir’s third-quarter earnings is pegged at 6 cents per share, indicating a year-over-year improvement of 500%. It is estimated to report revenues of $555 million, which suggests an increase of approximately 16.1% from the year-ago quarter.
Synaptics is slated to report first-quarter fiscal 2024 results on Nov 9. The company has a Zacks Rank #2 and an Earnings ESP of +3.54% at present. Its earnings beat the Zacks Consensus Estimate thrice in the trailing four quarters while missing on one occasion, the average surprise being 3.6%.
The Zacks Consensus Estimate for first-quarter earnings is pegged at 38 cents per share, suggesting a decrease of 89.2% from the year-ago quarter’s earnings of $3.52. Synaptics’ quarterly revenues are estimated to decline 48.2% year over year to $232 million.
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