FUBO - FuboTV jumps on strong guidance sees ad market revving up in back half of 2023

2023-11-03 14:40:48 ET

Shares of FuboTV ( NYSE: FUBO ) on Friday rose as much as 16.1% , after the live sports streaming channel raised its full year revenue and subscriber guidance for North America.

FUBO stock was last up 14.2% to $3.13 in late afternoon trade.

FuboTV's ( FUBO ) Q3 loss per share narrowed to 29 cents, which beat estimates by 3 cents. Revenue surged nearly 43% Y/Y to $320.9M, also beating expectations by $34.72M.

"We delivered $30.3M in North America ad revenue during the quarter, an increase of 34% compared to the same period last year," FUBO co-founder and top boss David Gandler said on the earnings conference call .

"We noted on our last earnings call that we expected the ad market would experience an acceleration in the back half of 2023, and are pleased that trends are moving favorably in that direction," Gandler added.

The company in a shareholder letter noted that the back half of the year featured a heavy sports calendar, including the return of college football and National Football League seasons, as well as the Major League Baseball season.

Subscribers in North America in Q3 grew 20% Y/Y to 1.48M from 1.23M. ARPU came in at $83.51, versus $71.51 a year ago.

Turning to FUBO's outlook, the company now sees North America revenue of $1.319B to $1.324B, compared a prior forecast of $1.26B to $1.28B. Subscribers are now projected to be 1.584M to 1.599M from a previous guidance of 1.565M to 1.585M.

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