FuboTV (FUBO) Stock News and Forecast: Earnings provide breakout investors have been waiting for

FuboTV (NASDAQ: FUBO) posted strong results on Tuesday after the market closed. Earnings per share (EPS) came in at $-0.38 versus the Street estimate of $-0.50, while revenue was $130.9 million versus the estimate of $118.9 million. FUBO also increased its Q3 sales guidance from $127 million to $140-144 million and also raised its subscribers' guidance from 840K to 910-920K. The stock closed out the session on Wednesday at $31.82, up 11.1%.

FuboTV is based in New York and is one of many streaming companies that have become more and more popular as people give up traditional cable and satellite subscription TV. FUBO is a little different from many of its competitors in that it has a large focus on the sports market, with live streaming broadcasts of over 50,000 sports events each year. Soccer is growing in popularity in the US, and FUBO has access to some global soccer rights and in particular the rights to the next World Cup in 2022 in Qatar. FUBO also has plans to get into live sports betting, having recently announced a market access agreement with The Cordish Companies. FUBO announced a share offering this week that could raise up to $750 million.

FUBO statistics

Market Cap	$4.4 billion
Price/Earnings	N/A
Price/Sales	5.8
Price/Book	11.5
Enterprise Value	$2.5 billion
Gross Margin	-23%
Net Margin	-185%
Average Wall Street Rating and Price Target	Buy $39.43
52 week high	$62.29
52 week low	$8.26

FUBO stock forecast

The powerful move on Wednesday has set the stage for a test of resistance at $35.09. The top of our previous range was $28.50, and the breakout was powerful due to the strong results. Holding above the 9-day moving average remains key. Volume remains reasonable, but breaking $35.09 brings FUBO into a light zone of resistance-based volume, meaning the move could accelerate again on a break. As ever, use stops, and in such a strong move a trailing stop works well.