FuboTV has reported third-quarter subscription numbers and revenue that beat expectations, sending its shares close to 10% higher in Friday premarket trading.
The sports-first live TV streaming platform also raised its full-year guidance for North America and said it steadily made progress over the quarter toward its 2025 positive cash flow goal.
Paid subscribers in North America rose 20% year-over-year to 1.477 million over the quarter to September 30, 2023, above the midpoint of its own guidance for 1.337 million.
North American revenue also beat guidance, rising 43% year-over-year to $313 million.
Rest-of-World revenue came in 45% higher at $8.4 million as it grew paid subscribers by 15% to 411,000.
“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,” co-founder and CEO David Gandler commented in a statement.
“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.”
The company now expects to close the year with total revenue of between $1.319 billion and $1.324 billion in total revenue, representing 34% year-over-year growth at the midpoint, up from its previous guidance of $1.260 billion to $1.280 billion.
Paid subscribers are expected to total between 1.584 million and 1.599 million, up 10% from 2022 and above its previous guidance of 1.565 million to 1.585 million.
Ahead of the opening bell, the company’s shares were up 9.5% at $2.74.
Contact the author at stephen.gunnion@proactiveinvestors.com