FuboTV reported better-than-expected revenue in the first quarter, on the back of solid subscriber growth.
The streaming service company’s first-quarter revenue grew +135% year-over-year to $119.7 million, beating analysts’ expectations of $103.6 million. Advertising revenue climbed +206% from the year-ago quarter to $12.6 million while subscription revenue rose +131% to $107.1 million.
Subscribers of 590,430 are up +105% year-over-year, including 43,000 net additions in the quarter.
Fubo’s adjusted EBITDA came in at -$46.5 million vs. -$36.9 million a year earlier.
The company projects second-quarter revenue of $120 million to $122 million and second-quarter subscribers of 600,000 to 605,000.
For the full fiscal year, FuboTV expects revenue of $520 million to $530 million and subscribers of 830,000 to 850,000.
"As the shift of viewing from traditional pay TV accelerates, our differentiation in the marketplace - sports-focused programming, a tech-first and data-driven user experience and the planned integration of wagering and interactivity - firmly positions the company strongly for long-term growth," said Edgar Bronfman Jr., executive chairman, fuboTV. "We remain steadfast in our mission to provide the world’s most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity and integrated wagering."