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Mar 31, 2023
fuboTV Q1 2023 Earnings Report
Fubo exceeded guidance with subscriber and revenue growth, improved cash usage, and a strengthened balance sheet.
Key Takeaways
Fubo's Q1 2023 showed strong performance, exceeding guidance with 22% year-over-year growth in subscribers and 34% revenue growth in North America. The company also improved cash usage and strengthened its balance sheet, ending the quarter with $364.8 million in cash and cash equivalents. Fubo is confident in its ability to achieve positive cash flow in 2025.
Fubo posted 22% year-over-year growth in subscribers.
North American revenue grew by 34% year-over-year.
Cash usage significantly improved year-over-year.
The company ended the quarter with $364.8 million in cash, cash equivalents and restricted cash.
Revenue by Segment
Forward Guidance
Fubo projects strong growth for Q2 2023 and raises full-year guidance, reflecting confidence in continued leadership in streaming and a path to positive cash flow in 2025.
Positive Outlook
- North America Streaming Q2 2023 guidance projects 1,120,000 to 1,140,000 subscribers, representing 19% year-over-year growth at the midpoint.
- North America Streaming Q2 2023 guidance projects revenue of $292.5 to $297.5 million, representing 36% year-over-year growth at the midpoint.
- FY 2023 guidance now projects 1,550,000 to 1,570,000 subscribers, representing 8% year-over-year growth at the midpoint.
- FY 2023 guidance now projects revenue of $1,235 to $1,265 million, representing 27% year-over-year growth at the midpoint.
- ROW Streaming Q2 2023 guidance projects 377,500 to 382,500 subscribers, representing 10% year-over-year growth at the midpoint.
Challenges Ahead
- Macro uncertainty continues.
- ROW Streaming FY 2023 guidance projects 395,000 to 415,000 subscribers, representing a 4% year-over-year decline at the midpoint.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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