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Fubo TV Inc (NYSE:FUBO) swung to a profit in the second quarter as the company’s efforts to shave operating costs offset a 3% decline in revenue, lifting shares by nearly 4% in Friday’s premarket trading.
Fubo (NYSE:FUBO) earned an adjusted profit of $0.05 per share versus a loss of $0.04 in the same quarter last year, beating expectations by 2 cents. The company also reported its first ever quarter of positive adjusted EBITDA of $20.7M, a “pivotal” milestone for Fubo (NYSE:FUBO).
With 6.5% fewer subscribers in North America and 12.5% fewer in its “Rest of World” segment, total revenue was down 3% to $380M but $13M above expectations.
Regarding the company’s agreement to combine Fubo with Hulu+ live TV, a preliminary proxy statement seeking shareholder approval has been filed, leading Fubo (FUBO) to expect the transaction to close in the fourth quarter of this year, or the first quarter of 2026.