Sports streaming platform fuboTV Inc. (FUBO) reported mixed results for the third quarter of 2024, as it continued to grow its subscriber base and top line but failed to stem losses amid intensifying competition in the streaming space.
For the quarter ended September 30, fuboTV's revenue rose 21% year-over-year to $377 million, in line with analysts' estimates. The company ended the quarter with 1.613 million paid subscribers in North America, up 9% from a year earlier, while average revenue per user (ARPU) increased 2.5% to $85.64.
However, fuboTV's adjusted net loss widened to $31.7 million or $0.08 per share, compared to a loss of $62.2 million or $0.22 per share in the third quarter of 2023. The company's adjusted EBITDA loss also improved to $27.6 million from a loss of $61.4 million a year ago, reflecting its efforts to rein in costs.
Looking ahead, fuboTV raised its full-year 2024 revenue guidance range slightly to $1.58 billion to $1.6 billion, representing year-over-year growth of 19% at the midpoint. However, it lowered its paid subscriber guidance for North America to between 1.665 million and 1.705 million, down from its previous forecast of 1.725 million to 1.745 million.
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