FuboTV exceeded Wall Street estimates for the fourth quarter, with revenue more than doubling from the year-ago period to $231.1 million and net losses coming in at 57 cents a share.
The losses widened from 39 cents in the 2020 quarter.
The streaming pay-TV outlet reached 1.1 million subscribers in the period ending December 31, up 106% from the year-ago quarter. That tally did not include the subscribers gained via the acquisition of French streaming provider Molotov, which was announced last November.
While subscriber growth continues to be a central priority for Fubo, which launched in 2015, it has recently diversified into sports betting and also made investments in advertising. In 2021, ad revenue reached $74 million, a new record.
In 2022, FuboTV said it expects $232 million to $237 million in revenue for the first quarter and $1.08 billion to $1.09 billion in revenue for the full year. The first quarter is typically “softer” than the fourth quarter, the company warned.
Shares in Fubo, which had closed the regular trading day at $7.62, down 5%, slid another 3% in after-hours trading. The current share price is the lowest since the company’s initial public offering in October 2020.
Subscriber levels should reach about 1.5 million by the end of 2022, FuboTV projects. Among all U.S. streaming TV providers, Fubo trails YouTube TV, Hulu + Live TV and Sling in terms of overall subscribers, but its initial investments in sports programming have earned it a dedicated core following.
In its earnings release, Fubo said the integration process “is progressing well” with Molotov. “The strategic rationale for Molotov was to integrate their technology platform within FuboTV’s existing platform, which allows for rapid internationalization and expansion, while expanding our international presence and adding to our talent pool.”
Plans call for Fubo to expand globally once Molotov has been fully absorbed.