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Sep 30, 2023
fuboTV Q3 2023 Earnings Report
Fubo's Q3 results exceeded guidance, with subscriber and revenue growth and improved cash usage.
Key Takeaways
Fubo's Q3 2023 results exceeded guidance, with 20% year-over-year subscriber growth and 43% year-over-year revenue growth in North America. The company also saw a healthy year-over-year improvement in cash usage and ended the quarter with $266 million in cash, cash equivalents and restricted cash. They are raising their full year 2023 revenue and subscriber guidance in NA.
Q3 2023 Net Loss from continuing operations was $84.4 million, leading to an earnings per share (EPS) loss of $0.29.
Adjusted EPS in the third quarter of 2023 improved to a loss of $0.22, compared to an adjusted EPS loss of $0.46 in Q3 2022.
Fubo delivered North America ad revenue of $30.3 million in the quarter, an increase of 34% year-over-year.
Subscriber related expenses (SRE), which decreased from 95% to 89% of revenue in Q3 versus the same prior year period.
Forward Guidance
Fubo is raising its prior FY 2023 revenue and subscriber guidance.
Positive Outlook
- Projecting 1.584 million to 1.599 million subscribers (vs. prior guidance of 1.565 to 1.585 million), representing 10% year-over-year growth at the midpoint.
- Projecting revenue of $1.319 billion to $1.324 billion (vs. prior guidance of $1.260 billion to $1.280 billion), representing 34% year-over-year growth at the midpoint.
- Projecting Q4 2023 revenue of $385.0 million to $390.0 million, representing 24% year-over-year growth at the midpoint.
- Updated FY 2023 guidance projects 387,500 to 392,500 subscribers, representing a 7% year-over-year decline at the midpoint.
- Projecting revenue of $32.0 million to $33.0 million, representing 33% year-over-year growth at the midpoint.
Challenges Ahead
- Updated FY 2023 guidance projects 387,500 to 392,500 subscribers, representing a 7% year-over-year decline at the midpoint.
- For Q4 2023 we are projecting revenue of $7.6 million to $8.6 million, representing 13% year-over-year growth at the midpoint.
Historical Earnings Impact
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