FuboTV Inc (NYSE:FUBO) shares are plunging Monday morning after the company reported better-than-expected financial results.
What Happened: FuboTV reported fourth-quarter revenue of $319.31 million, which beat average analyst estimates of $285.54 million, according to Benzinga Pro. Ad revenue jumped 30% year-over-year and North American revenue increased 36% year-over-year.
Total paying subscribers came in at 420,000, up 117% year-over-year. North American subscribers were up 29% year-over-year. Fubo ended the quarter with $343.2 million in cash and equivalents.
“Fubo’s fourth quarter results represent a strong finish to 2022 and an inflection point for our company supported by two very important milestones: we surpassed $1 billion in total annual revenue and $100 million in ad sales annual revenue for the first time,” said David Gandler, co-founder and CEO of Fubo.
“The fourth quarter also marked our lowest level of quarterly cash usage in Fubo’s time as a publicly-traded company and we achieved positive gross profit.”
FuboTV sees first-quarter North American revenue in a range of $295 million to $300 million. Full-year 2023 North American revenue is expected to be between $1.195 billion and $1.225 billion.
See Also: FuboTV Registered Over 38% Topline Growth In Q4 Backed By North America Subscribers
FUBO Price Action: FuboTV has a 52-week high of $8.86 and a 52-week low of $1.61.
The stock was down 15.9% at $1.95 at time of publication, according to Benzinga Pro.
Photo: courtesy of FuboTV.
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