FuboTV reported the loss of another 110,000 customers in the second quarter, pushing the virtual pay TV service's subscriber base back below 1 million.
The sports-focused vMVPD attributed the decline to a slower than anticipated live-sports content offering during the April-June period.
So far, no publicly traded pay TV company, virtual or otherwise, has reported customer growth in Q2.
Still, fuboTV subscribers were up 41% year over year to 946,735. And fuboTV stock ticked up over 5% in after-hours trading, with the New York-based live streaming company reporting a 65% year-over-year uptick in total quarterly revenue to $216.1 million, and a 32% increase in ad revenue to $21.7 million.
However, losing money continues to be an issue for the vMVPD, which has tried to differentiate itself via a live content channel (the Fubo Sports Network) and what was a developing sports-betting portfolio of services.
FuboTV reported the loss of $116.3 million in Q2, a 22% year-over-year increase.
In its letter to shareholders, fuboTV management indicated a pullback from its recent aggressive movement into sports betting. Fubo said it's now reviewing the strategy and looking to partner up with somebody.
"While our disciplined sports book progress continues, in light of a rapidly-evolving macro-economic environment, we believe it is important to be even more capital efficient than originally scoped," the company said. "We are taking steps to de-risk our business and have made the decision to no longer go down the wagering path independently. As a result, we’re evaluating strategic opportunities for our wagering business."
