Revenue from fuboTV’s North American streaming operations soared 98% year over year to $236.7 million in the first quarter. The gains were fueled by an 81% surge in paid subscribers, to nearly 1.1 million.
FuboTV also disclosed performance metrics for its “rest of world” segment, which includes its operation in France and Spain, for the first time. Subscribers and revenue in this division jumped 102% and 66%, respectively, to 305,000 and $5.5 million.
However, despite rising 81%, fuboTV’s advertising revenue came in below management’s expectations at $22.8 million. That weighed on the company’s profit margins and led to larger-than-expected losses.
All told, fuboTV generated a net loss of $140.8 million, or $0.89 per share, compared to a loss of $70.2 million, or $0.59 per share, in the year-ago quarter. That was significantly worse than Wall Street expected. Analysts had forecast a per-share loss of $0.64.
Worse still, fuboTV slashed its full-year guidance. Management now sees North American revenue of $1.02 billion to $1.03 billion in 2022, driven by 1.465 million to 1.485 million subscribers. That’s down from a prior forecast for revenue of $1.08 billion to $1.09 billion and subscribers of 1.5 million to 1.51 million.
Yet despite its paired back guidance for 2022, fuboTV said it’s on track to achieve its long-term goal of positive cash flow and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2025.