RTTNews | May 11, 2021 06:04PM EDT

18:04 Tuesday, May 11, 2021 (RTTNews.com) - Shares of fuboTV Inc. (FUBO) gained over 24% on Tuesday's extended session after the live sports TV streaming platform reported a strong subscriber and revenue growth for the first quarter.

fuboTV reported first-quarter net loss of $70.2 million or $0.59 per share, compared to $55.6 million or $1.83 per share last year. Total revenues for the quarter surged 135% to $119.7 million from $51.0 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.46 per share on revenues of $103.88 million for the quarter. Analysts' estimates typically exclude one-time items.

Advertising revenue for the quarter surged 206% to $12.6 million, while subscription revenue increased 131% to $107.1 million.

CEO David Gandler said, "For the first time in any first quarter, we reported sequential revenue and subscriber growth, despite past seasonality trends. This tells us that consumers are increasingly cutting the cord."

fuboTV said its subscribers was 590,430, up 105% from last year and up 8% from previous quarter. Average revenue per user increased 28% from last year to $69.09, while advertising ARPU per month increased 57% to $7.11 from last year.

Looking forward to the second quarter, the company expects revenues of $120 million to $122 million and subscribers of 600 thousand to 605 thousand. For the full year 2021, fuboTV expects revenues of $520 million to $530 millon and subscribers of 830 thousand to 850 thousand.

Analysts currently estimate revenues to be $98.37 million and 472.63 million for the second quarter and full year 2021, respectively.

FUBO closed Tuesday's trading at $17.67, up $1.32 or 8.07%, on the Nasdaq. The stock further gained $4.19 or 23.71% in the after-hours trading.

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