FuboTV Inc. easily surpassed expectations for sales growth in the second quarter and executives increased their forecast, calling for full-year revenue to more than double, sending shares 12% higher in after-hours trading Tuesday.

Fubo
FUBO,
+10.54%

reported a second-quarter loss of $94.9 million, or 68 cents a share, on sales of $130.9 million, up from $44.2 million a year ago. After adjusting for stock-based compensation and other costs, the company reported losses of 38 cents a share, an improvement from $2.46 a share in the year-ago quarter.

Analysts on average expected adjusted losses of 49 cents a share on revenue of $121.4 million, according to FactSet, after the company forecast sales of $120 million to $122 million. Shares soared more than 10% higher in the extended session, after closing with a 2.5% gain at $28.64.

In response, Fubo executives increased their full-year guidance for revenue to $560 million to $570 million, after previously stating $520 million to $530 million; FuboTV reported 2020 sales of $268.8 million. After ending the quarter with 681,721 subscribers, Fubo executives predicted that total would top 900,000 at the end of the year, increasing the forecast to 910,000 to 920,000 from 830,000 to 850,000 previously.

For the third quarter, executives expect subscribers to top 800,000, guiding for 810,000 to 820,000 at the end of the period, leading to quarterly revenue of $140 million to $144 million. Analysts on average were expecting third-quarter revenue of $128.5 million, according to FactSet.

Fubo offers a sports-focused streaming service, and hopes to launch a sportsbook offering that will combine gambling options with the live events it airs. Executives said Tuesday that the company is on track to launch that offering before the end of the year, and offered a preview.

“We’re excited to preview for the first time today how the Fubo Sportsbook app will immediately and in real-time update with relevant bets based on what the user is watching — even as they change the channel to a new game,” executives wrote in a letter to investors Tuesday. “This invisible connection between streaming video and our mobile betting app is a feature we believe only FuboTV can bring to market.”

After going public late last year, Fubo stock shot higher toward the end of last year, but has calmed down of late while still valuing the company at roughly $4 billion. Shares are up 186.4% in the past year, but down 37.5% in the past six months, as the S&P 500 index
SPX,
+0.19%

has gained 31.9% and 13.4% in those periods.

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