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FuboTV’s stock went up 4.4% after the company shared early results for the second quarter that beat expectations.
FuboTV is a streaming service that focuses on live sports. It said its revenue for the quarter will be over $365 million. That’s more than what it expected earlier ($345 million) and also higher than what Wall Street analysts predicted ($353.8 million).
The company also expects its number of paying subscribers to be over 1.35 million, which is better than its earlier forecast of 1.24 million.
Outside the U.S., Fubo expects revenue to be more than $8.5 million, with over 340,000 subscribers. Again, both numbers are higher than what the company had previously estimated.
Fubo thinks it will have a net loss of around $8 million this quarter. That might sound bad, but it’s actually $18 million better than this time last year. Even better, the company is expecting positive adjusted EBITDA of at least $20 million. This is a big deal because it’s the first time Fubo is expected to show positive AEBITDA.
Fubo also says it should have at least $285 million in cash by the end of the quarter.
Because the company is working on a possible merger with Hulu + Live TV, it has decided to pause giving future predictions for now. That means it’s also withdrawing its 2025 profit goal and stopping subscriber and revenue forecasts.
Fubo will release its full second-quarter results on August 8, followed by a call with its CEO, David Gandler, and CFO, John Janedis.