On August 6, 2024, FuboTV Inc (FUBO, Financial) released its 8-K filing detailing its financial performance for the second quarter of 2024. FuboTV Inc is a sports-first, live TV streaming company, offering subscribers access to tens of thousands of live sporting events annually as well as news and entertainment content. Its platform, FuboTV, allows customers to access content through streaming devices and on SmartTVs, mobile phones, tablets, and computers. The company offers subscribers a live TV streaming service with the option to purchase incremental features available for purchase that include additional content or enhanced functionality best suited to their preferences. The operating segment of the group is Streaming. It has a business presence in the United States and other international countries.
Performance Overview
FuboTV Inc (FUBO, Financial) reported a significant improvement in its financial metrics for Q2 2024. The company achieved a year-over-year revenue growth of 25%, reaching $391 million, surpassing the analyst estimate of $364.60 million. The net loss from continuing operations was $25.8 million, a substantial improvement from the $54.2 million loss reported in Q2 2023. This resulted in an earnings per share (EPS) loss of $0.08, better than the estimated EPS loss of $0.20.
Key Financial Achievements
FuboTV Inc (FUBO, Financial) demonstrated strong financial achievements in Q2 2024:
- North America revenue grew by 26% year-over-year.
- Subscribers in North America increased by 24% year-over-year.
- Adjusted EBITDA improved by $19.6 million, reaching -$11.0 million.
- Free Cash Flow improved by $40.5 million, resulting in -$35.3 million.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenue | $391.0 million | $312.7 million |
| Total Operating Expenses | $426.6 million | $365.2 million |
| Net Loss | -$25.8 million | -$54.2 million |
| Adjusted EBITDA | -$11.0 million | -$30.5 million |
Balance Sheet and Cash Flow
FuboTV Inc (FUBO, Financial) ended Q2 2024 with $161.3 million in cash, cash equivalents, and restricted cash. The company raised $36.9 million in net proceeds through its At-The-Market (ATM) program and repurchased $46.9 million face value of its 2026 convertible notes at prices significantly below par value. This strategic move reduced the company's debt outstanding by $80.2 million since Q4 2023.
Product and Technology Enhancements
FuboTV Inc (FUBO, Financial) continued to invest in product and technology enhancements to improve user experience and monetization. The company extended its AI-driven playlists offering, refined its recommendation engine, and launched the Fubo Free Tier to keep users engaged with quality content between primary sports seasons.
Guidance and Outlook
For Q3 2024, FuboTV Inc (FUBO, Financial) projects North America revenue between $360 million and $370 million and subscribers between 1,605,000 and 1,625,000. For FY 2024, the company expects North America revenue between $1,570 million and $1,590 million and subscribers between 1,725,000 and 1,745,000.
FuboTV Inc (FUBO, Financial) continues to make progress towards profitability while scaling its core business and enhancing its technology capabilities. The company's strategic focus on operational excellence and efficiency is expected to drive further improvements in financial performance.
Explore the complete 8-K earnings release (here) from FuboTV Inc for further details.
