FuboTV Inc. (NYSE: FUBO), the sports-first live TV streaming platform, last week announced its financial results for the third quarter ended September 30, 2023. The company also raised its previously stated full year 2023 guidance for North America.
Fubo reported a total revenue of $313 million, up 43% year-over-year. A record 1.477 million paid subscribers in North America, up 20% year-over-year. An average revenue per user (ARPU) of $83.51 in North America, up 17% year-over-year. A net loss of $53 million, a year-over-year improvement of $21 million.
Fubo had a free Cash Flow of $18 million, a year-over-year improvement of $40 million, an adjusted EBITDA (AEBITDA) of $27 million, a year-over-year improvement of $21 million, and a gross margin of 6%, a year-over-year improvement of 884 basis points.
“Fubo’s third quarter exceeded guidance in North America, highlighted by an all-time high in paid subscribers as well as double digit year-over-year revenue growth,” said David Gandler, co-founder and CEO, Fubo. “As we progress toward our 2025 positive cash flow goal, we are confident that a return to content aggregation and bundling - which we long predicted - is now a reality. Fubo’s aim is to be a super aggregator, offering consumers premium content delivered through an intuitive and personalized streaming experience, at multiple price points, all in a single app.”
“Fubo’s third quarter marked continued improvements across our key performance metrics, including subscriber growth, gross margin, ARPU expansion and advertising revenue growth,” said Edgar Bronfman Jr., executive chairman, Fubo. “Looking ahead, as we raise full year 2023 guidance, we remain confident in the value proposition of our business model and believe we are well positioned to further benefit from industry trends, including the growing number of consumers subscribing to vMVPD services and the significant increase in CTV advertising.”
Fubo raised its guidance for the full year 2023: a total revenue of $1.319 billion to $1.324 billion in North America, representing 34% year-over-year growth at the midpoint, and paid subscribers of 1.584 million to 1.599 million in North America, representing 10% year-over-year growth at the midpoint.