fuboTV Is Considering Strategic Options for Its Wagering Business
It's a tough macroeconomic environment -- particularly for tech companies that went into this inflationary period with debt and losses. Sports-first streaming platform fuboTV (NYSE: FUBO) is one of these companies. As is shown by the growth stock's 80% slide this year, investors have apparently decided that the stock is riskier than they had thought.
But fuboTV has some plans to help kick its path to profitability into overdrive, including a strategic review of its new wagering business: Fubo Sportsbook.
Highlighting why investors are likely uneasy about fuboTV in this market, the company reported a net loss of about $116 million in the second quarter of 2022. That's an incredible sum considering that total revenue for the period was just $222 million. Of course, management would point out the company's improving operating leverage; as revenue increased 70% year over year, fuboTV's net loss as a percentage of revenue improved by more than 2,000 basis points.
Source Fool.com
