fuboTV Inc. (FUBO) : 1.55
52 Week Range 1.2020 - 3.8700
FUBOTV SHARES RISE 16% PREMARKET AFTER CO REPORTS SMALLER-THAN-EXPECTED Q1 LOSS, REVENUE BEATS EST
Fubo Exceeded Q1 2024 Guidance in North America, Delivering 1.511M Paid Subscribers, $394M Total Revenue
Guidance
Given the many unknowns related to the potential launch of the JV, including the outcome of the antitrust lawsuit and reported Department of Justice investigation, the Company’s guidance and planned path to profitability do not reflect any potential impact of the JV launch to its business.
North America
Second Quarter 2024: Fubo is projecting 1,275,000 to 1,295,000 subscribers, representing 10% YoY growth at the midpoint, and $357.5 to $367.5 million total revenue, representing 19% YoY growth at the midpoint.
Full Year 2024: Fubo is projecting 1,675,000 to 1,695,000 subscribers, representing 4% YoY growth at the midpoint, and $1.525 to $1.545 billion total revenue, representing 15% YoY growth at the midpoint.
Fubo’s projection of revenue growth outpacing subscriber growth reflects the Company’s expectation of continued ARPU expansion and improved unit economics. Subscriber growth reflects conservatism in the Company’s outlook and, in particular, exposure to potential industry volatility, as well as Fubo’s intention to maintain discipline in subscriber acquisition costs relative to monetization, but does not reflect any potential impact of the JV launch.
ROW
Second Quarter 2024: Fubo is projecting 395,000 to 400,000 subscribers, representing 1% YoY at the midpoint, and $8 to $9 million total revenue, representing 4% YoY growth at the midpoint.
Full Year 2024: Fubo is projecting 395,000 to 405,000 subscribers, representing a -2% YoY decline at the midpoint, and $33 to $35 million total revenue, representing 4% YoY growth at the midpoint.
Complete first quarter 2024 results are detailed in Fubo’s shareholder letter available on the company’s IR site.
"Fubo’s first quarter 2024 performance builds upon the strong momentum achieved in the prior year, with double digit paid subscribers, total revenue and ad revenue growth in North America," said David Gandler, co-founder and CEO, Fubo. "Our results further underscore continued solid execution on our long-term strategy. We continue to operate efficiently and effectively as we execute on our mission to delight consumers with an aggregated sports entertainment offering delivered through a personalized and intuitive streaming experience."
Gandler continued: "We continue to believe in the merits of our antitrust lawsuit against the sports streaming JV partners and thank those who have publicly supported us. We are encouraged by reports of the Department of Justice’s investigation and look forward to our preliminary injunction hearing in August. Fubo believes if all distributors were offered fair terms, the consumer could have multiple and robust sports streaming options to choose from, access to just the channels they want, and at a price that's right for them."
"As we look ahead, the Fubo team remains focused on the core business as well as making progress against our strategic priorities," said Edgar Bronfman Jr., executive chairman, Fubo. "We are balancing our profitability targets and growth while advancing in our technology capabilities, features and content. Over the past seven quarters, Fubo has consistently met or exceeded guidance and expanded ARPU in a challenging macro environment, all the while delivering a world-class viewing experience for consumers. We remain confident in our ability to build on this success while aggressively working to establish a more fair and equitable playing field for Fubo, other media industry participants and above all, consumers."
