Summary by Futu AI
FuboTV reported strong Q3 2024 financial results with revenue increasing 20% year-over-year to $386.2 million, driven by 23% growth in subscription revenue to $356.6 million. The company's North American subscriber base grew to 1.6 million, with average revenue per user reaching $85.64. Gross margin improved to 14% from 6.1% in the prior year period.Operating loss narrowed to $58.6 million from $83.3 million a year ago, reflecting improved operational efficiency and cost management. The company recorded a net loss of $52.8 million, significantly reduced from $83.8 million in Q3 2023. Other income included a $7.8 million gain from debt repurchases, while operating expenses increased primarily due to higher content costs and legal fees.The company maintained strong liquidity with $146.2 million in cash and cash equivalents as of September 30, 2024. FuboTV continues to focus on its sports-first strategy while expanding content offerings and pursuing legal action against the proposed Disney-Fox-Warner sports streaming joint venture, having successfully obtained a preliminary injunction against its launch.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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