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FuboTV Posts Sequential First-Quarter Subscriber and Revenue Growth

Online sports TV streaming platform reports subscribers and revenue more than doubled in latest quarter.
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FuboTV  (FUBO) - Get fuboTV Inc. Report posted strong gains in subscribers and revenue in the first quarter, helped by cord-cutting trends that drove a top-line beat of analyst estimates

The company reported first-quarter revenue of $119.7 million vs estimates of $103.6 million. Advertising revenue surged 206% to $12.6 million while subscription revenue rose 131% to $107.1 million.

“The first quarter of 2021 was an inflection point for fuboTV," David Gandler, co-founder and CEO, said in a statement. "For the first time in any first quarter, we reported sequential revenue and subscriber growth, despite past seasonality trends. This tells us that consumers are increasingly cutting the cord.”

Shares of Fubo, among the most heavily shorted stocks on Wall Street, rose sharply in after-hours trading following the report. The stock gained $4.62, or 26%, to $22.29 in after-hours action. In the regular session, Fubo rose $1.32, or 8%, to $17.67.

Fubo reported adjusted EBITDA of -$46.5 million vs. -$36.9 million a year earlier.

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It offered guidance for second-quarter revenue of $120 million to $122 million and second-quarter subscribers of 600,000 to 605,000.

For the full fiscal year it forecasted revenue of $520 million to $530 million and subscribers of 830,000 to 850,000.

The company is working to integrated its "streaming video product with interactivity and gaming. We are on track to launch free-to-play gaming in the third quarter of 2021 and our Fubo Sportsbook, a comprehensive sports entertainment experience through sports betting and interactive gaming, in the fourth quarter of 2021, subject to obtaining requisite regulatory approvals," the company said in the statement. 

Last month, Fubo said it had won exclusive streaming rights to the 2022 South America World Cup qualifiers.

The company also recently announced a deal for streaming rights to Chicago Cubs baseball games.

Fubo came public in October at $11 a share.