fuboTV’s first quarter saw results that diverged sharply from Wall Street’s expectations, with revenue growth constrained by the loss of certain programming partners and continued subscriber declines. Management identified the discontinuation of Warner Bros. Discovery and TelevisaUnivision networks as a major factor impacting advertising revenue, while also pointing to ongoing efforts to optimize its content platform and lower costs. CFO John Janedis acknowledged, "ad revenue for the quarter was $22.5 million down 17% year-over-year, largely due to the discontinuation of Warner Bros. Discovery and TelevisaUnivision Networks." Despite these headwinds, the company emphasized improved operating efficiency and a narrowed non-GAAP loss, attributing progress to disciplined cost control and a focus on profitability.
Is now the time to buy FUBO? Find out in our full research report (it’s free).
fuboTV (FUBO) Q1 CY2025 Highlights:
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Revenue: $416.3 million vs analyst estimates of $584 million (3.5% year-on-year growth, 28.7% miss)
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Adjusted EPS: -$0.02 vs analyst estimates of -$0.03 ($0.01 beat)
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Adjusted EBITDA: -$1.42 million vs analyst estimates of -$7.04 million (-0.3% margin, 79.8% beat)
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Operating Margin: -6.1%, up from -15.7% in the same quarter last year
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Domestic Subscribers: 1.47 million, down 41,000 year on year
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Market Capitalization: $1.15 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions fuboTV’s Q1 Earnings Call
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Dave Joyce (Seaport Research Partners) asked about progress with TelevisaUnivision negotiations and readiness of new skinny bundles; CFO John Janedis said no new updates but is open to talks if terms are acceptable, while CEO David Gandler stressed focus on finalizing deals for a fall launch.
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Clark Lampen (BTIG) questioned the macro environment’s impact on churn and ad demand; Janedis replied that churn for the English package is slightly better year-over-year and ad reactivations in April exceeded expectations, but subscriber growth is flat when normalizing for content drops and event timing.
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Laura Martin (Needham) probed into international strategy and use of generative AI; Gandler reiterated that profitability, not growth, is the current focus for Molotov, with further investment contingent on achieving operating benchmarks, while Janedis explained ad revenue fell mainly due to lost ad insertable hours from dropped networks.
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Alicia Reese (Wedbush) asked for details on interactive and gamified ad performance; Janedis reported 37% year-over-year growth in interactive ad revenue, noting accelerating advertiser interest but longer-than-expected sales cycles.
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No further analyst questions were asked on the call.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be closely monitoring (1) the pace and success of content negotiations for both skinny bundles and broader packages, (2) further traction and monetization of interactive and shoppable ad formats, and (3) progress toward closing the Hulu + Live TV merger. Execution in each area will shape fuboTV’s ability to stabilize and grow its subscriber base while moving toward profitability.
fuboTV currently trades at $3.46, up from $2.91 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).
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