FuboTV beats top-line and bottom-line estimates; initiates Q3 and updates FY24 outlook
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- FuboTV press release (NYSE:FUBO): Q2 Non-GAAP EPS of -$0.04 beats by $0.04.
- Revenue of $390.97M (+25.0% Y/Y) beats by $22.71M.
- In North America, the Company exceeded guidance, ending the second quarter with double digit YoY growth, delivering $382.7 million in total revenue, up 26% YoY, and 1.45 million paid subscribers, up 24% YoY. Average revenue per user expanded 5% YoY to $85.69.
- In the Rest of World, the Company delivered 399,000 paid subscribers, up 1% YoY, and $8.3 million total revenue, up 2% YoY, during the quarter. ARPU reached $7.02, up 2% YoY.
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Guidance
North America
Third Quarter 2024: Fubo is projecting 1,605,000 to 1,625,000 paid subscribers, representing 9% YoY growth at the midpoint, and $360 to $370 million total revenue, representing 17% YoY growth at the midpoint.
Full Year 2024: Fubo is increasing previously announced guidance, now projecting 1,725,000 to 1,745,000 paid subscribers, representing 7% YoY growth at the midpoint, and $1.570 to $1.590 billion total revenue, representing 18% YoY growth at the midpoint.
Our guidance excludes the potential impact of our ongoing antitrust litigation, including the launch of Venu Sports (See “Risks related to Venu Sports” below).
ROW
Third Quarter 2024: Fubo is projecting 397,000 to 402,000 paid subscribers, representing 3% YoY decline at the midpoint, and $8 to $9 million total revenue, representing 1% YoY growth at the midpoint.
Full Year 2024: Fubo is projecting 395,000 to 405,000 paid subscribers, representing 2% YoY decline at the midpoint, and $33 to $35 million total revenue, representing 4% YoY growth at the midpoint.