FuboTV, the sports-oriented streaming service, says it expects to report record revenue and subscriber growth in the most recent quarter.
The New York-based company said it expects fourth-quarter revenue to range between $215 million and $220 million — a more than 100% increase from the same period the year before.
For the entire year, fuboTV expects its total revenue to fall somewhere between $622 million and $627 million — an increase of at least 138% year-over-year.
The company’s results exceeded expectations. It was projected that its revenue from Q4 would range between $205 million and $210 million while its total revenue would fall somewhere in the $612 million to $617 million range.
FuboTV’s advertising revenue from Q4 is expected to surpass the $25 million mark – a 90% improvement from the same period last year.
For 2021, fuboTV’s advertising revenue topped $100 million.
The company is also expected to announce that its base of paid subscribers has exceeded 1.1 million — or 100% higher than the figure from the same period last year.
FuboTV is expected to end the quarter with more than $375 million of cash, cash equivalents, and restricted cash.
“FuboTV’s strong preliminary fourth quarter 2021 results close out a pivotal year where we made meaningful advancements against our mission to define a new category of interactive sports and entertainment television,” said David Gandler, co-founder and CEO, fuboTV.
“In the fourth quarter, we continued to deliver triple digit revenue growth, alongside operating leverage, through the efficient deployment of acquisition spend and the retention of high quality customer cohorts.”
Founded in 2016, fuboTV has made strides in the ultra-competitive live streaming space that includes YouTubeTV, Hulu Live TV, Sling TV, DirecTV Stream, and Philo.
Last summer, Gandler told CNBC that his goal is for fuboTV to have a customer base of 5 million subscribers by 2026.
Shares of fuboTV fell 7% on Thursday. By the closing bell on Wall Street, fuboTV was trading at $13.60 per share.
In October 2020, fuboTV raised $183 million in its initial public offering. Since then, it has pursued an aggressive investment strategy.
Last March, it acquired Chicago-based online sportsbook Vigtory. The following month, it bought exclusive streaming rights to the 2022 World Cup qualifying matches of the South America Football Confederation.
In November, fuboTV acquired Molotov SAS, a French streaming company, for $190 million.
Last month, the Professional Fighters League, a season-based MMA organization, announced a deal with fuboTV to stream its PFL Challenger Series beginning next month.