It was the news investors, and the C-Suite, had been waiting for. FUBO, which bills itself as a “sports-first live TV streaming platform,” enjoyed a particularly strong first quarter.
Its streaming business exceeded guidance, posting double digit year-over-year growth in total revenue and paid subscribers. This led the company led by CEO David Gandler and CFO John Janedis (pictured, top left), to raise full-year guidance for both metrics in North America.
How robust was Q1 for FUBO? Revenue climbed to $324.37 million from $242.3 million. And, although total operating expenses rose to $405.8 million from $365.3 million, FUBO trimmed its net loss to $83.4 million (-$0.37 per diluted share), from $128.4 million (-$0.89).
Adjusted EBITDA improved to a loss of $58.9 million, from a loss of $95.3 million.
The earnings finish surpassed the estimate of analysts polled by Zacks. Revenue surpassed the Zacks Consensus Estimate by 6.77%.
That prompted investors to swoop in and buy FUBO shares, which has been trading close to the $1 mark since late March. As of 12:21pm Eastern, on exceptional volume of 44.9 million shares (normal trading volume is 12.69 million), FUBO was up 36.6% to $1.53.
With respect to ARPU, a key subscriber figure for companies such as FUBO, North America Streaming rose to $76.79, from $71.43. The rest of the world? Meh … ARPU fell to $6.57 from $7.63. However, revenue growth was 48% on a constant-currency basis.
And, the guidance is positive for FUBO:
With a stated goal of becoming cash flow and Adjusted EBITDA positive in 2025, it appears FUBO has turned an important corner at a particularly beneficial time.
