FuboTV Exceeds All Expectations as per Preliminary Q32022 Results

Leading US live sports streaming company FuboTV Inc. has published its preliminary results for the third quarter of 2022 and it seems like it is going to exceed all expectations.

FuboTV Exceeds Expectations for Revenue and Number of Subscribers in Q32022

What can be deducted from FuboTV’s announcement is that the expected revenue and subscriber numbers for the company’s business in the USA and Canada for the third quarter of 2022 are on course to beat all previous guidance that FuboTV has issued.

According to the earlier guidance numbers, revenues from North America were expected to be about $200-205 million, however, the preliminary numbers show that the company has achieved revenue of more than $210 million for the period from July to September this year. This is 34% higher than the revenues reported for the same period last year. 

The Rest of World (ROW) numbers, however, are more in line with previous expectations. The initial guidance was for $5-6 million and the preliminary numbers for Q32022 show ROW revenue of $5.5 million.

It must be noted that the ROW numbers include the French live-streaming platform Molotov, which FuboTV acquired back in December 2021.

The same correlation between previous guidance from FuboTV and the preliminary results for the third quarter can be seen in regard to subscriber numbers.

The expectation for North America was for 1,135,000-1,155,000 for the third quarter period while actual numbers show more than 1,220,000 subscribers. This will mark an increase of 27% when compared to the same period last year.

ROW paid subscriber numbers, which come at about 350,000, however, are again in line with the earlier expectations of 340,000-360,000.

FuboTV Exits Sports Wagering Business

As per expectations, the adjusted EBITDA (AEBITDA) in Q32022 will be a negative number of about $100 million, while the cash balance is estimated at about $300 million. This proves FuboTV is on track to reach its target for profitability in 2025.

FuboTV co-founder and CEO David Gandler has highlighted the exceeded expectations for the third quarter, which the company has achieved despite the extremely competitive industry within which they operate. He has also pointed out the following:

FuboTV’s strong preliminary third quarter 2022 results reflect meaningful advancements against our continued mission to profitably scale a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity.

FuboTV co-founder and CEO David Gandler

The most significant announcement, however, was that the company is terminating its sports betting business Fubo Gaming and Fubo Sportsbook with immediate effect as, according to estimations, it is going to negatively affect its long-term profitability targets in the currently very difficult economic environment.

FuboTV will provide more details on this on November 4 when they announce their full financial results for the third quarter.