Fubo said it cut its net losses while added 310,000 subscribers in North America, giving a record number of customers.
The net loss for the virtual multichannel video programming distributor (vMVPD) was $83.8 million, 29 cents a share, compared to $162.6 million or 82 cents a share, a year ago.
Revenues rose 43% to $420.9 million
In the U.S., Fubo said it had 1.477 million paid subscribers, up 20% from a year ago and 1.167 million at the end of the second quarter.
Revenue rose 43% to $313 million. Ad revenue was up 34% to $30.3 million.
Average revenue per user (ARPU) in North America was up 17% to $85.51, Fubo’s highest ever.
Looking to the full year, Fubo raised its revenue guidance and paid subscriber guidance in North America.
Fubo now expects to close the year with $1.319 billion to $1.324 billion in total revenue, representing 34% year-over-year growth at the midpoint and 1.584 million to 1.599 million paid subscribers, representing 10% year-over-year growth at the midpoint.
“Fubo's strong third quarter exceeded guidance in North America, highlighted by an all-time high in paid subscribers as well as double digit year-over-year revenue growth,” Fubo co-founder and CEO David Gandler said.
“As we progress toward our 2025 positive-cash-flow goal, we are confident that a return to content aggregation and bundling — which we long predicted — is now a reality,” Gandler said. “Fubo’s aim is to be a super-aggregator, offering consumers premium content delivered through an intuitive and personalized streaming experience, at multiple price points, all in a single app.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.