fuboTV Shares Plummet 11.6%

By Tamara Parker • Saturday, May 04 10:20 • Permanent Link

fuboTV Inc. has recently released its 10-Q report, providing an insight into the company's financial performance and operations. fuboTV operates a live TV streaming platform for live sports, news, and entertainment content in the United States and internationally. The company's platform allows customers to access content through streaming devices, as well as on SmartTVs, mobile phones, tablets, and computers. fuboTV Inc. was incorporated in 2009 and is headquartered in New York, New York.

In the 10-Q report, fuboTV discussed the key factors and trends impacting its performance. The company highlighted the importance of brand awareness in attracting and retaining subscribers, emphasizing the competitive environment and the impact of aggressive promotions by competitors. fuboTV also mentioned the acceleration or deceleration of cord-cutting, the shift of advertising dollar spend from traditional Pay TV to connected TV, and the impact of content acquisition and renewal on its results and ability to grow the business.

The report provided detailed insights into the components of fuboTV's results of operations for the three months ended March 31, 2024, compared to the same period in 2023. The company reported total revenues of $402.3 million for the first quarter of 2024, representing an increase of $78.0 million compared to the first quarter of 2023. This increase was primarily driven by a rise in subscription revenue, which amounted to $373.7 million in the first quarter of 2024, compared to $300.9 million in the first quarter of 2023.

However, fuboTV also reported an operating loss of $63.3 million for the first quarter of 2024, an improvement from the operating loss of $81.5 million in the first quarter of 2023. The company highlighted that subscriber related expenses amounted to $360.2 million in the first quarter of 2024, compared to $301.4 million in the first quarter of 2023, primarily due to an increase in affiliate distribution rights and other distribution costs related to content streaming.

Today the company's shares have moved -11.6% to a price of $1.37. If you want to know more, read the company's complete 10-Q report here.

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