Sports-first streamer FuboTV beats expectations, but exits sports wagering

Streaming platform FuboTV has announced its Q3 2022 results, with revenue and subscriber growth for North America expected to exceed previously issued guidance.

The company forecasts it will close the quarter with North American revenue of $210 million, up 34% year-over-year. The company is also now in France and Spain, and expects Rest of World (ROW) revenue to come in at $5.5 million – in line with expectations. For FuboTV, ROW includes Molotov, the French live TV streaming service it acquired in December 2021. In total, the company is looking at a total subscriber base of around 1.6 million for the period in question.

The one negative concerns FuboTV’s gaming brands, Fubo Gaming and Fubo Sportsbook. After exploring the possibility of selling the division, it has decided instead to cease operation effective immediately.

“FuboTV’s strong preliminary results reflect meaningful advancements against our continued mission to profitably scale a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity,” said David Gandler, co-founder and CEO, FuboTV.

“We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025. (But) we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals. Therefore, we have made the difficult decision to exit the online sports wagering business immediately.”