Fubo reduced its second quarter loss as revenue per subscriber increased.
Fubo’s second quarter loss shrunk to $49.9 million, or 17 cents a share, from $116.1 million, or 63 cents a share, a year ago.
Revenue rose 41% to $312.7 million
Fubo said it had 1.167 million North American subscribers, up 23% from a year ago, but down from 1.285 million at the end of the first quarter.
Average revenue per subscriber rose 13% to $81.62, cutting its domestic loss to $41 million.
The company said it aims to be cash flow positive in 2025.
North America advertising revenue grew 5% year-over-year,
Fubo raised its guidance, saying it now expects to have 1.565 million to 1.585 million subscribers by year end. It expects to have 1.327 million to 1.347 million subscribers by the end of Q3.
Fubo expects to have revenue of $272.5 million to $277.5 million in the third quarter and $1.26 billion to $1.28 billion for the full year.
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“We are encouraged with our execution in the first half of the year, including posting year-over-year double digit revenue and subscriber growth in the second quarter, while meaningfully reducing our net loss by $41 million,” said Fubo co-founder and CEO David Gandler.
“With an improving ad sales backdrop we remain on track to achieve our 2025 positive free cash flow target,” Gandler said. "We are as excited and as confident as ever about the opportunities ahead to leverage our resources on the back of key strategic additions to our platform, including over 35 regional sports networks (RSNs) and more than 125 FAST channels, as well as the Maximum Effort Channel in partnership with Ryan Reynolds and Maximum Effort.”
“Significant in Fubo’s strong second quarter results was our year-over-year revenue and subscriber growth in North America, which came in ahead of guidance,” added Edgar Bronfman Jr., executive chairman, Fubo. “This growth reaffirms the pricing power and strong appeal of our aggregated, sports-first content offering. As we significantly progress our path to profitability, Fubo is poised to continue to benefit from the ongoing market dynamics driving a decline in cable TV alongside the growing appeal of CTV. We are confident we are on the right path to achieve our 2025 profitability goal and create exceptional value for our shareholders.”
