Tuesday, January 18, 2022

FuboTV projects record quarter

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FuboTV, a sports-oriented streaming service, expects to report record earnings and subscriber growth in the last quarter.

The New York-based company said it expects fourth-quarter revenue to be $ 215 million to $ 220 million – up more than 100 percent from the same period last year.

For the whole year, fuboTV expects its total revenue to fall from $ 622 million to $ 627 million – an increase of at least 138% over the previous year.

The company’s results exceeded expectations. Its revenue for the 4th quarter was projected to fall from $ 205 million to $ 210 million, while its total revenue was projected to fall from $ 612 million to $ 617 million.

FuboTV’s advertising revenue in the 4th quarter is expected to exceed $ 25 million – a 90% improvement over the same period last year.

In 2021, fuboTV’s advertising revenue exceeded $ 100 million.

The company is also expected to announce that its paid subscriber base has exceeded 1.1 million, or 100 percent more than the same period last year.

FuboTV is expected to end the quarter with more than $ 375 million in cash, cash equivalents and limited cash.

“FuboTV’s strong preliminary results in the fourth quarter of 2021 marked an important year in which we made significant progress against our mission of defining a new category of interactive sports and entertainment television,” said David Gandler, co-founder and CEO of fuboTV.

Founded in 2016, the New York-based company went public in October 2020.

“In the fourth quarter, we continued to provide three-digit revenue growth, along with operating leverage, through the efficient use of acquisition costs and the maintenance of high-quality customer cohorts.”

Founded in 2016, fuboTV has been successful in an ultra-competitive live streaming platform that includes YouTubeTV, Hulu Live TV, Sling TV, DirecTV Stream and Philo.

Last summer, Gandler told Acesparks that his goal was for fuboTV to have 5 million subscribers by 2026.

Shares of fuboTV fell 7% on Thursday. With the closing call on Wall Street, fuboTV sold for $ 13.60 per share.

In October 2020, fuboTV raised $ 183 million in its first public offering. Since then, he has pursued an aggressive investment strategy.

Last March, he bought the Chicago-based Vigtory online sports book. The following month, he bought the exclusive broadcasting rights to the 2022 World Cup qualifiers of the Confederation of South American Football.

In November, French streaming company fuboTV bought Molotov SAS for $ 190 million.

Last month, the Professional Fighters League, a seasonal MMA organization, announced that it had signed a contract with fuboTV to broadcast the PFL Challenger series starting next month.

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