FuboTV’s first-quarter financial results were marked by better-than-expected subscriber growth but expanded net losses amid growing operating expenses.
The virtual MVPD has now reached 590,430 subscribers, up 105% year over year and 8% over the previous quarter, after adding 43,000. The growth led fuboTV to expand its original year-end guidance to 830,000-850,000 subscribers, up from the 760,000-770,000 subscribers it previously forecast. The new guidance implies net additions of at least 282,000 in 2021.
FuboTV also reported total revenue of $119.7 million, up 135% year over year thanks to 206% growth in advertising revenue and 131% growth in subscription revenue. The company has now boosted its guidance for full year 2021 revenue to $520-530 million, the midpoint of which represents an increase of 101% year over year.
RELATED: FuboTV adds over 92,000 subscribers in Q4
However, subscriber and revenue growth has not yet translated to profits for fuboTV. The company reported a net loss of $70.2 million, up from $66.6 million in the same quarter of 2020. The loss can be partly attributed to operating expenses that climbed 80% year over year.
FuboTV is focused on growing its business through the integration of sports betting. The company said it’s still on track to launch its free-to-play gaming in the third quarter and that it will begin beta testing the feature in the coming weeks. The company also said it’s still progressing toward a fourth-quarter launch for its sportsbook.
“Our differentiation in the marketplace - sports-focused programming, a tech-first and data-driven user experience and the planned integration of wagering and interactivity - firmly positions the company strongly for long-term growth. We are pleased with and confident in the execution of our growth strategy and expansion into online sports wagering,” the company wrote in a letter to shareholders.