FuboTV tumbled 15% as loss widens, revenue outlook falls short.
Expenses also more than doubled, though, to $377.3 million. And net loss swelled to $140.8 million from a year-ago loss of $70.2 million, with a margin of -58.2%.
Adjusted EBITDA worsened accordingly, to -$105.5 million from a prior-year -$46.5 million.
“In our first quarter, against a challenging macro environment, fuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth of 81% year-over-year,” said co-founder and CEO David Gandler.
“In a less robust advertising market, however, we experienced some pressure on adjusted contribution margin due to slower ad sales growth than we had initially expected, with ad revenue up 81% year-over-year," he says.
In operating metrics, North American subscribers rose 81% to 1.06 million, with their revenue up 98%. Subscription average revenue per user in the region was up 2% to $64.16, while advertising ARPU dipped 5% to $6.87.
In Rest of World streaming, subscribers rose 102% to 305,000, and revenue up 66% to $5.5 million. Total ARPU there rose 2% to $7.63.
Operating cash flow was -$126.6 million; relative to Q1, "our expectation is that operating cash flow losses will moderate meaningfully over the rest of the year."
A strong balance sheet - the company wrapped the quarter with $456 million in cash - should take the company through 2023, Gandler says.
For Q2, it's guiding to revenue of $225 million-$231 million, light of consensus for $244.7 million, and subscribers of 1.265 million-1.285 million. For the full year, it sees revenue of $1.04 billion-$1.055 billion, vs. consensus for $1.11 billion.
Comments