Sports-focused streamer Fubo continued to reduce its net loss in the second quarter, despite losing subscribers.
The company lost 61,000 North American subscribers in the quarter, finishing with 1.45 million, up 24% from a year ago.
The company’s net loss in the fourth quarter was $26.7 million, or 8 cents a share, compared to a loss of $50 million, or17 cents a share a year ago.
Revenues rose 25% to $391 million North American revenue were up 24% to $382 million, with revenue per subscriber rising to $85.69.
North American ad revenues rose 14% to $26 million in the quarter.
Fubo said it expects to have between 1.605 million and 1.625 million subscribers by the end of the third quarter and generated 3Q revenues of $360 million to $370 million.
At the end of fiscal 2024, the company expects to have 1.725 million to 1.745 million subscribers and generate $1.57 billion to $1.59 billion in revenues for the full year.
“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,” Gandler said.
Fubo has sued Warner Bros. Discovery, Fox and The Walt Disney Co. charging that their sports streaming joint venture Venu–launching later this month–violates antitrust laws. The company said it continues to believe the suit has merit.
“We also continue to advocate for a fairer playing field in the media industry, benefiting Fubo, our competitors and, most importantly, the American consumer,” Gandler said.
