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Here's Why fuboTV Stock Is Soaring Today

What happened

Shares of fuboTV (NYSE: FUBO) popped 12.7% Friday after the sports-focused streaming service announced a deal for the exclusive rights to a major set of soccer matches.

So what

fuboTV will now be able to livestream the Qatar World Cup 2022 qualifying matches of the South American Football Confederation. Additionally, fuboTV will produce original pre-match, halftime, and post-match shows during the season. The matches are set to begin in June.

Investors bid up fuboTV's stock price Friday. Image source: Getty Images.

"Our mission is to provide the world's most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity, and integrated wagering," CEO David Gandler said in a press release. "By offering the best of South American soccer in advance of Qatar 2022, we are further differentiating fuboTV's sports-first content portfolio enabling us to engage with more consumers than ever before."

Now what

The news came at a good time for fuboTV's shareholders. Prior to today's gains, its stock had been down 26% in 2021 and more than 66% since its highs in December.

Yet fuboTV is growing rapidly. Its adjusted revenue surged 83% to $268.8 million in 2020, fueled by a 73% jump in subscribers, to 547,880, and a 133% increase in ad revenue, to $29 million.

With both viewers and advertisers flocking to its streaming service, more gains could lie ahead for fuboTV and its investors.

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends fuboTV, Inc. The Motley Fool has a disclosure policy.


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