Today Fubo reported their 2nd quarter 2023 earnings and posted a loss of 118,000 subscribers in just three months. In total, Fubo has 1,167,000 subscribers in North America, down from 1,285,000 subscribers at the end of the 1st quarter of 2023.
In total, revenues were up year over year, but revenues were down compared to the 1st quarter of 2023.
“We are encouraged with our execution in the first half of the year, including posting year-over-year double digit revenue and subscriber growth in the second quarter, while meaningfully reducing our net loss by $41 million,” said David Gandler, co-founder and CEO, Fubo. “With an improving ad sales backdrop we remain on track to achieve our 2025 positive free cash flow target. We are as excited and as confident as ever about the opportunities ahead to leverage our resources on the back of key strategic additions to our platform, including over 35 regional sports networks (RSNs) and more than 125 FAST channels, as well as the Maximum Effort Channel in partnership with Ryan Reynolds and Maximum Effort.”
“Significant in Fubo’s strong second quarter results was our year-over-year revenue and subscriber growth in North America, which came in ahead of guidance,” said Edgar Bronfman Jr., executive chairman, Fubo. “This growth reaffirms the pricing power and strong appeal of our aggregated, sports-first content offering. As we significantly progress our path to profitability, Fubo is poised to continue to benefit from the ongoing market dynamics driving a decline in cable TV alongside the growing appeal of CTV. We are confident we are on the right path to achieve our 2025 profitability goal and create exceptional value for our shareholders.”
The good news for Fubo is they saw their subscriber-related expenses decrease to 87% from 99% during the same period of 2022. This means Fubo is making more profit from each subscriber they have.
Fubo reported total revenues were up 41% year over year to $305 million in North America. In total, though, the net loss for the 2nd quarter of 2023 was $54.2 million.
Fubo is expecting to see subscriber numbers grow and is hoping to see 3rd quarter numbers hit 1.327 million to 1.347 million subscribers.
Fubo says in Q2 2023, they project 1,120,000 to 1,140,000 new subscribers, representing 19% year-over-year growth at the midpoint, and revenue of $292.5 to $297.5 million, representing 36% year-over-year growth at the midpoint.