Fubo posts strong Q2 results

NEW YORK—FuboTV Inc. reported overall strong financial results for the second quarter, reporting Fubo’s sixth consecutive quarter of year-over-year (YoY) improvement in its global profitability metrics. The company also posted better-than-expected revenue and subscriber growth in North America, with revenue up 26% YOY and 1.45 million paid subscriptions, up 24% YOY.

Average revenue per user (ARPU) rose 5% year-over-year to $85.69. The quarter also featured a 14% year-over-year increase in ad revenue, the company said, driven by efforts to increase visibility across agency holdings heading into the 2024 Upfront season.

The number of subscribers in North America fell from 1.511 million in the first quarter to 1.450 million at the end of the second quarter.

In Rest of World (ROW), the company added 399,000 paid subscribers, up 1% YoY, and $8.3 million in total revenue, up 2% YoY, in the quarter. ARPU was $7.02, up 2% YoY. ROW includes results from Molotov, the French live TV streaming service acquired by Fubo in December 2021.

Losses also narrowed. Net loss from continuing operations in the second quarter was $25.8 million, leading to an EPS loss of $0.08. This compares favorably with a net loss from continuing operations of $54.2 million, or an EPS loss of $0.19, in the second quarter of 2023. Adjusted EPS in the second quarter was $0.04, compared to an adjusted EPS loss of $0.12 in the second quarter of 2023.

“Fubo delivered an excellent second quarter of 2024 despite a decline in Warner Bros. Discovery content, delivering our sixth consecutive quarter of year-over-year improvement in our global profitability metrics,” said David Gandler, co-founder and CEO of Fubo. “In North America, we exceeded projections, growing North American revenue by 26% and subscribers by 24% year-over-year. We are confident that we can continue this success as we continue to focus on delighting our users with more flexible package options under our Super Aggregation strategy, delivered through a single, seamless app. We also continue to advocate for a fairer playing field in the media industry, which benefits Fubo, our competitors and, most importantly, the American consumer.”

Looking ahead, Fubo forecasts that by the end of Q3 2024, it will have between 1,605,000 and 1,625,000 paying subscribers, representing 9% year-over-year growth at the midpoint, and $360 million to $370 million in total revenue, representing 17% year-over-year growth at the midpoint.

For full year 2024: Fubo raises previously announced guidance, now forecasting 1,725,000 to 1,745,000 paid subscribers, representing 7% year-over-year growth at the midpoint, and $1.570 billion to $1.590 billion in total revenue, representing 18% year-over-year growth at the midpoint.