FuboTV Inc announced revenue and subscriber growth in its preliminary Q3 results for North America (NA) are expected to exceed prior guidance, while it anticipates an adjusted EBITDA loss of around US$100mln.
NA sales will likely have jumped 34% year-on-year to at least US$210mln, exceeding previous guidance of US$200mln to US$205mln, the company said in a statement.
Rest of world (RoW) revenue was in line with expectations, boosted by the French live TV streaming service Molotov, which FuboTV bought in 2021.
The sports-first live TV streaming platform expects NA Q3 paid subscribers to exceed 1.22mln – a more than 27% increase year-on-year – higher than the approximately 1.13-1.15mln anticipated.
RoW paid subscribers are expected to reach 350,000, which was bang in the middle of expectations.
Its expected preliminary results demonstrate a continued progression towards the company’s 2025 profitability targets, FuboTV said.
David Gandler, chief executive and co-founder, commented: "FuboTV’s strong preliminary third quarter 2022 results reflect meaningful advancements against [its] continued mission to profitably scale a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity.”
It also confirmed it would close its Fubo Gaming subsidiary and cease operation of its owned and operated Fubo Sportsbook effective immediately.
“Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer-term profitability goals,” Gandler added.