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Mar 31, 2024
fuboTV Q1 2024 Earnings Report
Fubo exceeded expectations with North America revenue and subscriber growth. Disciplined cost management led to improved gross margins and profitability.
Key Takeaways
Fubo's Q1 2024 results demonstrated strong performance with North America revenue and subscriber growth. The company focused on cost management, leading to improved profitability and cash usage. Strategic investments in monetization, particularly in advertising, contributed to the positive results.
North America revenue and subscriber growth exceeded expectations, increasing by 24% and 18%, respectively.
Operating expenses as a percentage of revenue significantly decreased and gross margins improved due to disciplined cost management.
Profitability and cash usage showed healthy year-over-year improvement.
Strategic investments in monetization, including advertising, continued to be made.
Revenue by Geographic Location
Forward Guidance
Fubo provided guidance for Q2 2024 and FY 2024, but this guidance does not reflect any potential impact of the joint venture launch to their business.
Positive Outlook
- FY 2024 subscriber guidance projects 1,675,000 to 1,695,000 subscribers, representing 4% year-over-year growth at the midpoint for North America.
- FY 2024 revenue guidance projects $1,525 to $1,545 million, representing 15% year-over-year growth at the midpoint for North America.
- 2Q 2024 subscriber guidance projects 1,275,000 to 1,295,000 subscribers, representing 10% year-over-year growth at the midpoint for North America.
- 2Q 2024 revenue guidance projects $357.5 to $367.5 million, representing 19% year-over-year growth at the midpoint for North America.
- FY 2024 subscriber guidance projects 395,000 to 405,000 subscribers, representing a 2% year-over-year decline at the midpoint for Rest of World.
Challenges Ahead
- Our FY 2024 subscriber guidance projects 395,000 to 405,000 subscribers, representing a 2% year-over-year decline at the midpoint for Rest of World.
- Our FY 2024 revenue guidance projects $33 to $35 million, representing 4% year-over-year growth at the midpoint for Rest of World.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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