NEW YORK—FuboTV Inc. posted generally strong financial results for the second quarter, reporting Fubo’s sixth consecutive quarter of year-over-year (YoY) improvement in its global profitability metrics. It also posted better than expected revenue and subscriber numbers for North American, with revenue up 26% YoY and 1.45 million paid subs, up 24% YoY.
Average revenue per user (ARPU) expanded 5% YoY to $85.69. The quarter was also highlighted by a 14% increase in ad sales revenue YoY as the result of efforts to increase visibility within agency holding companies continued during the start of the 2024 Upfront season, the company reported.
Subscribers in North America did decline from 1.511 million in Q1 to 1.450 million at the end of Q2.
In the Rest of World (ROW), the Company delivered 399,000 paid subscribers, up 1% YoY, and $8.3 million total revenue, up 2% YoY, during the quarter. ARPU reached $7.02, up 2% YoY. ROW includes the results of Molotov, the French live TV streaming service acquired by Fubo in December 2021.
Loses also narrowed. Net Loss from continuing operations in the second quarter was $25.8 million, leading to an earnings per share (EPS) loss of $0.08. This compares favorably to 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 excellent results in the second quarter of 2024, despite the Warner Bros. Discovery content drop, achieving our sixth consecutive quarter of year-over-year improvement in our global profitability metrics,” said David Gandler, co-founder and CEO, Fubo. “In North America, we exceeded guidance, growing North America revenue by 26% and subscribers by 24% year-over-year. We're confident we can continue this success as we remain focused on delighting our users with more flexible bundle options as part of our Super Aggregation strategy, delivered to them through a single, frictionless app. We also continue to advocate for a fairer playing field in the media industry, benefiting Fubo, our competitors and, most importantly, the American consumer.”
Looking forward, Fubo is projecting 1,605,000 to 1,625,000 paid subscribers at the end of Q3, 2024, representing 9% YoY growth at the midpoint, and $360 to $370 million total revenue, representing 17% YoY growth at the midpoint.
For the full year, 2024: Fubo is increasing previously announced guidance, now projecting 1,725,000 to 1,745,000 paid subscribers, representing 7% YoY growth at the midpoint, and $1.570 to $1.590 billion total revenue, representing 18% YoY growth at the midpoint.
