FuboTV Inc (NYSE:FUBO) shares jumped premarket after topping second-quarter consensus earnings and revenue expectations as well as raising its full-year North America guidance.
The TV streaming service reported a loss per share of $0.17, $0.12 better than the analyst estimate of a loss of $0.29 per share in the quarter. Meanwhile, revenue came in at $312.7 million versus the consensus estimate of $302.06M.
FUBO shares are up more than 17% at the time of writing.
Its numbers were boosted by its North American guidance beat, achieving $305M in revenue, up 41% year-over-year, and 1.17M paid subscribers, up 23% year-over-year.
The company delivered ad revenue in North America of $22.8M in the second quarter, up 5% year-over-year, with FUBO stating it "marks an expected return to growth despite a challenged advertising market."
David Gandler, co-founder and CEO of Fubo, stated: "We are encouraged with our execution in the first half of the year, including posting year-over-year double-digit revenue and subscriber growth in the second quarter while meaningfully reducing our net loss by $41 million."
"With an improving ad sales backdrop we remain on track to achieve our 2025 positive free cash flow target."
Looking ahead to Q3 in North America, Fubo is projecting 1.327M to 1.347M paid subscribers, representing 9% year-over-year growth, and revenue of $272.5M to $277.5M, representing 25% year-over-year growth.
The company is also raising its full-year 2023 guidance for North America and now sees paid subscribers increasing by 1.565M to 1.585M, representing 9% year-over-year growth, with revenue coming in at $1.26 billion to $1.28B, which would be a potential 29% increase.