Fubo Beats Wall Street Q2 Expectations Ahead Of Key Hearing In Antitrust Lawsuit

Core Insights - Fubo exceeded Wall Street expectations in Q2, reporting a loss of 8 cents per share and total revenue of $382.7 million, an improvement from a loss of 19 cents per share in the same quarter last year, with revenue increasing by 26% [1] - The company has 1.45 million paid subscribers, reflecting a 24% increase from the same period in 2023, and projects to reach approximately 1.8 million subscribers by the end of 2024 [1][3] Financial Performance - Advertising revenue rose by 14%, attributed to efforts to enhance visibility within agency holding companies during the start of the 2024 upfront season [3] - Fubo has increased its full-year guidance, expecting to achieve between 1.725 million to 1.745 million subscribers and revenue of $1.57 billion to $1.59 billion, excluding potential impacts from ongoing antitrust litigation [4] Legal Context - Fubo is involved in an antitrust lawsuit against Disney, Fox, and Warner Bros. Discovery, claiming these companies colluded to undermine Fubo through a streaming joint venture, Venu Sports [2][4] - A preliminary injunction hearing is scheduled in federal court, with Fubo's CEO expected to testify [2] Market Reaction - Following the earnings report, Fubo shares, which have declined over 50% in 2024, experienced a 16% increase in pre-market trading [5]