Fubo said it reduced its first-quarter loss despite losing about 160,000 domestic subscribers since the end of the year.
The company’s results exceeded Wall Street expectations and Fubo shares jumped 32% in midday trading Friday.
The company finished the quarter with 1.285 million North American subscribers, which is up 22% from a year ago.
Fubo said it expects to have 1.12 million to 1.14 million subscribers by the end of Q2 and finish the year with between 1.55 million and 1.57 million subscribers.
Fubo lost $83.6 million, or 37 cents a share, in the first quarter, compared to a loss of $142.9 million, or 89 cents, a year ago.
The company said it expects to be cash flow positive by 2025.
Revenues climbed 34% to $324.4 million.
Subscription revenue rose 37% to $300.9 million.
Advertising revenue rose dipped 2% to $22.7 million
“We continue to balance our focus on growth with an increased emphasis on unit economics, cost controls and profitability,” CEO David Gansler and executive chairman Edgar Bronfman Jr. in the company’s letter to shareholders.
“We are confident that our cash balance is sufficient to fund our operating plan until we achieve positive cash flow in 2025,” they said. “We are pleased with our execution to start 2023 — beating our expectations across our KPIs. While the macro uncertainty continues, the second quarter has started well, with customer engagement ongoing and advertising accelerating sequentially.”
