FuboTV Q2: “Strong growth”
August 5, 2022
Sports-first live TV streaming platform FuboTV’s financial results for the second quarter ended June 30th, 2022 show that its North American (US and Canada) streaming business delivered double-digit year-over-year growth in total revenue (up 65 per cent to $216.1 million), ad revenue (up 32 per cent to $21.7 million) and paid subscribers (up 41 per cent to 946,735) during the second quarter.
The company’s streaming business in the Rest of World (France, Spain) closed the quarter ahead of expectations with approximately 347,000 total paid subscribers and $5.8 million in total revenue.
FuboTV also closed the quarter with a healthy liquidity position of $378.8 million in cash and short-term investments. Additionally, the company achieved an improvement in Adjusted Contribution Margin, Operating Cash Flow and Adjusted EBITDA (AEBITDA) compared to the first quarter of 2022.
“In the second quarter, FuboTV achieved strong growth in subscribers and revenue, with North American subscriber growth of 41 per cent year-over-year and total revenue growth of 65 per cent year-over-year. In addition, ad revenue grew 32 per cent year-over-year,” advised David Gandler, co-founder and CEO, FuboTV. “Importantly, we ended the quarter with $378.8 million in cash and achieved a sequential improvement in Operating Cash Flow and AEBITDA compared to the prior quarter. We are pleased to see improvements in our AEBITDA margins as we anticipate a return to growth in the back half of the year, and we remain confident in our path to our positive cash flow and AEBITDA targets in 2025.”
“We remain steadfast in the aggregated streaming model and FuboTV’s mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content and interactivity,” said Edgar Bronfman Jr., executive chairman, FuboTV. “We continue to make strides toward our goal of achieving positive cash flow and AEBITDA in 2025 and look forward to outlining our strategic plan, key initiatives and long-term financial targets at our first Investor Day on August 16th, 2022.”