Fubo, the leading sports-first live TV streaming platform, has announced strong third-quarter 2024 financial results, demonstrating continued growth and progress towards its profitability goals. The company exceeded revenue expectations and achieved significant year-over-year improvements in key financial metrics.
With this Fubo returned to positive subscriber growth with the addition of 163,000 subscribers. Fubo now has 1.613 million subscribers in North America. Fubo also reported losing $110.1 million.
Key Highlights:
- Revenue Growth: Fubo reported total revenue of $377 million in North America, a 21% increase year-over-year.
- Subscriber Growth: The company reached 1.613 million subscribers in North America, a 9% increase year-over-year.
- ARPU Expansion: Average revenue per user (ARPU) grew 2.5% year-over-year to $85.64.
- Reduced Losses: Fubo achieved a year-over-year improvement of $110.1 million in net loss and $98.8 million in Adjusted EBITDA for the trailing twelve months.
- Positive Free Cash Flow Target: The company reiterated its goal of achieving positive free cash flow in 2025.
“Fubo’s third quarter of 2024 was notable for ongoing subscriber and revenue growth alongside improvements in key profitability metrics – all important markers that give us continued confidence in our 2025 profitability goal,” said Edgar Bronfman Jr., executive chairman, Fubo.
Antitrust Lawsuit:
The company also addressed its ongoing antitrust lawsuit against Disney, Fox, and Warner Bros. Discovery, reiterating its dedication to fighting for a fair and competitive marketplace for consumers.
“We continue our fight to ensure American consumers have the streaming experience they deserve,” said David Gandler, co-founder and CEO, Fubo.