FuboTV Reports Strong Q2 Growth; Raises Fiscal 2024 Revenue Guidance

FuboTV Inc FUBO stock soared in premarket by as much as 19% after the company reported fiscal second-quarter 2024 results.

Sales grew 25% Y/Y to $390.97 million, beating the analyst consensus estimate of $368.25 million.

Adjusted EPS loss of $(0.04) beat the analyst consensus loss estimate of $(0.15).

Also Read: FuboTV To Bear The Brunt Of Higher Legal Costs Against ESPN – Analyst’s View

The company’s adjusted EBITDA margin loss stood at (2.8)% versus (9.8)% Y/Y. 

North America Streaming: Revenue grew 26% Y/Y to $382.7 million, as paid subscribers grew 24% Y/Y to 1.45 million. Average revenue per user (ARPU) rose 5% Y/Y to $85.69.

Rest of the World Streaming: Revenue was $8.3 million, a 2% Y/Y jump, with a paid subscriber growth of 1% Y/Y to 399,000. ARPU grew by 2% Y/Y to $7.02.

FuboTV held $161.3 million in cash and equivalents as of June 30, 2024.

“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. 

Outlook: FuboTV expects third-quarter revenue of $368 million–$379 million (versus consensus of $368.25 million) and fiscal 2024 revenue of $1.603 billion-$1.625 billion (prior $1.558 billion-$1.580 billion) versus consensus of $1.57 billion.

FuboTV stock lost 50% in the last 12 months.

Price Action: FUBO stock traded higher by 19.1% at $1.56 premarket at last check Tuesday.

Read Next:

• Jamie Dimon Confident In Economy As Markets Retreat: ‘We’re Going To Get Through It’

Photo: Shutterstock