Fubo reduces losses as North American subs climb to record level

Fubo said it cut its net losses while added 310,000 subscribers in North America, giving a record number of customers.

The net loss for the virtual multichannel video programming distributor was $83.8 million, 29 cents a share, compared to $162.6 million or 82 cents a share, a year ago.

Revenues rose 43% to $420.9 million.

In the U.S., Fubo said it had 1.477 million paid subscribers, up 20% from a year ago and 1.167 million at the end of the second quarter.

Revenue rose 43% to $313 million. Ad revenue was up 34% to $30.3 million.

Average revenue per user in North America was up 17% to $85.51, Fubo’s highest ever.

Looking to the full year, Fubo raised its revenue guidance and paid subscriber guidance in North America.

Fubo now expects to close the year with $1.319 billion to $1.324 billion in total revenue, representing 34% year-over-year growth at the midpoint and 1.584 million to 1.599 million paid subscribers, representing 10% year-over-year growth at the midpoint.

“Fubo’s strong third quarter exceeded guidance in North America, highlighted by an all-time high in paid subscribers as well as double digit year-over-year revenue growth,” Fubo co-founder and CEO David Gandler said.

“As we progress toward our 2025 positive-cash-flow goal, we are confident that a return to content aggregation and bundling — which we long predicted — is now a reality,” Gandler said. “Fubo’s aim is to be a super-aggregator, offering consumers premium content delivered through an intuitive and personalized streaming experience, at multiple price points, all in a single app.” Yahoo