Shares of fuboTV Inc. (FUBO) are soaring 12.57% in pre-market trading on Wednesday, building on the previous day's 10.73% gain. The surge comes after the company released preliminary second-quarter 2025 financial results that significantly exceeded expectations and announced a potential business combination with Hulu + Live TV.

According to the preliminary results, fuboTV's total revenue for North America is expected to surpass $365 million, beating the previous guidance of $345 million. The company also projects to exceed 1.350 million paid subscribers in North America, significantly above the earlier forecast of 1.240 million. Most notably, fuboTV anticipates its first-ever quarter of positive Adjusted EBITDA, reaching at least $20 million, marking a substantial improvement of over $30 million year-over-year.

Adding to the positive sentiment, several analysts have expressed optimism about fuboTV's prospects. Wedbush raised its price target on the stock to $6 from $5, maintaining an Outperform rating. Similarly, Needham analyst Laura Martin reiterated a Buy rating and boosted the price target to $4.25, citing strong Q2 performance and strategic initiatives. The string of positive analyst ratings and raised price targets have further fueled investor enthusiasm, contributing to the stock's impressive pre-market rally.