The sports-first live TV streaming platform says it exceeded 1.5 million subscribers in the third quarter.
Preliminary results published by the company show that it had over 1,220,000 in North America, or 27% more than a year earlier. Meanwhile, its rest of the world (ROW) total stood at around 350,000. Previously, it had forecast between 1,135,000 – 1,155,000 in North America and 340,000-360 for the ROW.
Revenues in Q3 for North America are expected to be at least $210 million, up 34% on a year earlier, and $5-6 million for the ROW.
ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.
Commenting on the results, David Gandler, co-founder and CEO, FuboTV, said: “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.
“We expect to deliver strong revenue and subscriber growth in Q3, exceeding our previously issued guidance in North America, against the backdrop of a highly competitive operating environment. We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025. Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals. Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately. We look forward to providing more color, as well as discussing our full third quarter 2022 results and full year outlook, on our November 4 earnings call”.
