Shares of fuboTV (NYSE:FUBO), which operates a streaming platform for live sports, soared on Wednesday after the company released unaudited results for the third quarter showing strong growth. It's only been one month since it started trading on the New York Stock Exchange, but the stock has nearly doubled from its initial public offering price of $10 per share. As of 10:55 a.m. EST, fuboTV stock was up by close to 23%.
For the quarter, fuboTV reported that revenue grew by 47% year over year to $61 million. However, the company sold its FaceBank AG business in July, and it didn't generate any revenue for the company this past quarter. If you exclude revenue generated from FaceBank in the third quarter of 2019, then revenue showed much stronger growth of 71%.
The company reported 455,000 subscribers, up 58% from the 288,000 subscribers it had at this point last year. Furthermore, its average revenue per user rose by 14% as users streamed 20% more content on average, an increase propelled by the return of live sports.
Results were so good for fuboTV that it's raising its guidance for the remainder of 2020. The company expects to report revenue of $80 million to $85 million in the fourth quarter, and full-year revenue of $246 million at the midpoint of guidance. It also expects to end the year with between 500,000 and 510,000 subscribers.
The media company's guidance for 2021 was for revenues of between $415 million and $435 million, which would be a 70% improvement from what it expects to report in 2020.