Online sports-themed TV streaming platform FuboTV announced preliminary third-quarter (ended Sept. 30) fiscal results. The company is expected to close the quarter with North American revenue of at least $210 million, a 34% increase from $156.7 million in the previous-year period. Rest of World (ROW) revenue outside North America, which includes French online TV platform Molotov, topped a projected $5.5 million.
Paid North American subscribers are expected to exceed 1.22 million, an increase of more than 27% from 960,000 last year. Paid ROW subs are expected to reach about 350,000. Prior third quarter paid subscriber guidance was 1.13 million-1.15 million for North America and 340,000-360,000 for ROW.
The company expects to post a negative $100 million of pre-tax earnings in the quarter. Cash and cash equivalents at the end of the quarter are expected to be at least $300 million.
Separately, FuboTV announced it is closing its Fubo Gaming subsidiary and cease operation of its owned-and-operated Fubo Sportsbook, effective immediately.
“We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025,” co-founder/CEO David Gandler said in a statement. “
Gandler said that continuing with Fubo Gaming and Fubo Sportsbook in the challenging macroeconomic environment would impact the company’s ability to reach longer-term profitability goals.
“Therefore, we have made the difficult decision to exit the online sports wagering business,” he said. “We look forward to providing more color, as well as discussing our full third-quarter 2022 results and full-year outlook, on our Nov. 4 earnings call.”