As 2025 began, Fubo seemed to have the upper hand in a battle to stop The Walt Disney Co., Warner Bros. Discovery and FOX Corporation for what the company led by David Gandler perceived to be a profit killer — the proposed Venu Sports vMVPD, which is not being created. Then, the litigation ended, and Fubo agreed to its purchase Disney.
Now, it has released its Q1 2025 results, perhaps its last first quarter fiscal report as an independent company. And, the details are a bit cheerful. It’s the Q2 forecast that’s a bit glum.
Looking at the Q1 ’25 revenue, it is a tale of two dollar-intake flows. On a positive note, subscription revenue rose to $391.43 million, from $373.71 million. Unfortunately, advertising revenue declined to $22.88 million, from $27.47 million.
This put the North America Monthly Average Revenue per User at $85.37 in Q1 2025, rising from $84.54.
And, it allowed Fubo to swing to net income of $188.49 million from a Q1 2024 net loss of $56.33 million.
However, there’s a line-item reflecting the settlement of litigation between Fubo and WBD, Disney and FOX Corporation, and that $219.7 million charge resulted in an adjusted net loss from continuing operations of $7.91 million (-$0.02). That lowers the net loss from $41.52 million (-$0.04) on an adjusted basis. That beat analysts’ consensus estimates by a penny.
Looking ahead, Fubo is projecting $340 million to $350 million in total revenue for North America. That represents a 10% year-over-year decline at the midpoint, and 1.225 million to 1.255 million paid subscribers, representing 14% year-over-year decline at the midpoint.
And, Fubo confirms, the guidance includes “the continued subscriber impact” of the company’s recent drop of TelevisaUnivision content.
That Q2 revenue dip prediction torpedoed Fubo’s NYSE-traded shares on Friday, sending it down by more than 16% to $2.4586 as of 3:05pm Eastern. Volume was more than double the average of 18.55 million shares.
