Shares of FuboTV Inc. FUBO jumped 8.9% in premarket trading Friday, after the live TV streaming platform reported first-quarter results that beat expectations and raised its full-year subscriber outlook and provided an upbeat liquidity view. Net losses narrowed to $86.4 million, or 37 cents a share, from $142.9 million, or 89 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 45 cents. Revenue hiked up 33.9% to $324.4 million, above the FactSet consensus of $303.4 million. Subscribers grew 21.7% to 1.285 million, and average revenue per user (ARPU) increased 7.5% to $76.79. The company ended the quarter with $364.8 million in cash, cash equivalents and restricted cash. “We are confident that our cash balance is sufficient to fund our operating plan until we achieve positive cash flow in 2025,” said Chief Executive Officer David Gandler said. For 2023, the company raised its guidance range for North America subscribers to 1.550 million to 1.570 million from 1.510 million to 1.530 million. The stock has plummeted 35.6% year to date through Thursday, while the S&P 500 SPX has gained 5.8%.
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