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FuboTV Inc (NYSE:FUBO) shares are trading higher after the company reported fourth-quarter fiscal 2023 results. Sales grew 28.5% Y/Y to $410.18 million, beating the consensus of $397.8 million.
Adjusted EPS loss of $(0.17) beat the consensus loss of $(0.31).
The company’s gross margin stood at 10%, an 888 bps Y/Y improvement. Also, it witnessed a 662 bps reduction in subscriber-related expenses (SRE) as a percentage of revenue to 86.5% on continued progress in optimizing content costs.
North America Streaming: Revenue grew 29% Y/Y to $401.8 million as paid subscribers grew 12% Y/Y to 1.618 million. Average revenue per user (ARPU) rose 15% Y/Y to $86.65.
Rest of the World Streaming: Revenue was $8.4 million, an 18% Y/Y jump, with a paid subscriber decline of 3% Y/Y.
FuboTV ended the quarter with $251 million in cash, cash equivalents, and restricted cash.
Outlook: FuboTV expects first-quarter revenue of $371.6 million – $383.6 million (versus consensus of $393.6 million) and fiscal 2024 revenue of $1.536 billion – $1.560 billion (versus consensus of $1.624 billion).
Investors can gain exposure to the stock with ProShares Trust ProShares Metaverse ETF (NYSE:VERS) and IShares Robotics And Artificial Intelligence Multisector ETF (NYSE:IRBO), which gained 2.4-3.7% last month.
Price Action: FUBO shares are down 5.6% at $1.95 on the last check Friday.
Photo: courtesy of FuboTv.
