FuboTV (FUBO) reported a top- and bottom-line beat for the third quarter as the TV streaming platform benefited from strong paid subscriber growth in North America and the launch of its competitively priced sports-focused offering.
Shares of the company are up nearly 5% in premarket trading on Monday.
In Q3, Fubo had 1.631M paid subscribers in North America, up 1.1%. For ROW, paid subscribers declined 9.5% to 342,000.
“With the addition of Fubo Sports, we now offer consumers a full spectrum of content options at various price points, including our signature Pay TV streaming service, standalone regional sports networks (RSNs), Pay-Per-View (PPV), and the Fubo Sports skinny service,” the company said in its shareholder letter.
Net loss from continuing operations for the three months ended September 30 narrowed to $18.9M, or a loss per share of $0.06, compared to a loss of $54.7M, or a $0.17 loss per share, in the same period last year.
On an adjusted basis, the company earned 2 cents apiece, while analysts were expecting it to lose 4 cents.
Revenue was down 2.3% to $377.2M but beat the consensus estimate of $360.6M.
The company ended the quarter with $280.3M in cash, cash equivalents, and restricted cash on hand.