FuboTV Inc. shares climbed 16.9% in premarket trades Friday after the sports-first TV-streaming company reported a narrower-than-expected loss and better-than-expected revenue in its fourth-quarter results.
FuboTV reported a net loss of $71 million, or 24 cents a share, after a net loss of $95.9 million, or 48 cents a share, in the same period last year. Analysts surveyed by FactSet were looking for a 31 cents-a-share loss. On an adjusted basis, Fubo reported a loss of 17 cents a share, beating the FactSet estimate of a 24 cents-a-share loss.
Total revenue grew 28% to $410.2 million, beating the FactSet consensus of $398 million.
Subscription revenue was $370.1 million, up from $284.9 million in the prior year’s quarter and advertising revenue increased to $39 million from $33.9 million in the same period last year.
The company also grew North American average revenue per user (ARPU) 15% year-over-year to an all-time high of $86.65. For 2024, Fubo is forecasting 2.055 million to 2.095 million total paid subscribers and $1.536 billion to $1.56 billion total revenue.
Analysts surveyed by FactSet were looking for 2.119 million subscribers and revenue of $1.624 billion.
FuboTV shares have fallen 37.7% in the last three months, compared with the S&P 500 index’s gain of 11.6%.
