Summary by Futu AI
FuboTV delivered strong Q2 2024 results with North America revenue growing 26% YoY to $382.7M and subscribers increasing 24% YoY to 1.45M. The company achieved its sixth consecutive quarter of YoY improvement in global profitability metrics, with advertising revenue up 14% YoY. ARPU expanded 5% YoY to $85.69 in North America.The company significantly improved its financial metrics, with Net Loss narrowing by $28.4M YoY to $25.8M, Adjusted EBITDA improving by $19.6M, and Free Cash Flow improving by $40.5M YoY. During Q2, Fubo strengthened its balance sheet by raising $36.9M through ATM program and repurchasing $46.9M of convertible notes below par value, ending with $161.3M cash on hand.Given the strong performance, Fubo raised its FY2024 North America guidance, now projecting 1.73-1.75M subscribers (+7% YoY) and revenue of $1.57-1.59B (+18% YoY). For Q3 2024, the company expects 1.61-1.63M subscribers (+9% YoY) and revenue of $360-370M (+17% YoY). The guidance excludes potential impact from ongoing antitrust litigation and Venu Sports launch.
