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Jun 30, 2024
fuboTV Q2 2024 Earnings Report
Delivered excellent results, grew revenue and subscribers, and improved profitability.
Key Takeaways
FuboTV reported strong Q2 2024 results, with North America revenue up 26% and subscribers up 24% year-over-year. The company also made significant progress towards profitability, with a $28.4 million improvement in Net Loss and a $19.6 million improvement in Adjusted EBITDA. FuboTV ended the quarter with $161.3 million in cash and cash equivalents.
Grew North America revenue by 26% and subscribers by 24% compared to 2Q23, exceeding forecasts.
Achieved meaningful top-line growth alongside continued progress towards profitability goals and improvements in cash usage.
Made strategic investments in product and technology to enhance user experience and increase monetization.
Expanded distribution by launching the app on Comcast entertainment platforms.
Forward Guidance
FuboTV provided guidance for Q3 2024 and full year 2024, but noted that the guidance does not reflect any potential impact of the launch of Venu Sports due to the many unknowns related to its launch, including the outcome of Fubo's antitrust lawsuit and the Department of Justice's reported investigation.
Positive Outlook
- FY 2024 subscriber guidance projects 1,725,000 to 1,745,000 subscribers, representing 7% year-over-year growth at the midpoint.
- FY 2024 revenue guidance projects $1,570 million to $1,590 million, representing 18% year-over-year growth at the midpoint.
- 3Q 2024 subscriber guidance projects 1,605,000 to 1,625,000 subscribers, representing 9% year-over-year growth at the midpoint.
- 3Q 2024 revenue guidance projects $360 million to $370 million, representing 17% year-over-year growth at the midpoint.
- FY 2024 revenue guidance projects $33 to $35 million, representing 4% year-over-year growth at the midpoint for Rest of World.
Challenges Ahead
- 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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