fuboTV stock declines despite positive quarterly earnings

Switching gears everyone, SportsCentric streamer Fubo TV seeing a positive move as consumers shift to costlier subscriptions. Here with more on their earnings and how the service stacks up to its streaming peers, of course you know we've got young finances, Alexandra, can now. Ali, what do we know about Fubo's earnings this far? So interesting story here with Fubo, very positive earnings, but we're seeing shares reverse earlier gains down about 15% due to dilution. The company disclosing it sold 36.7 million shares for gross proceeds of 68.1 million in block trades under the companies at the market program. They sold 17.

5% of shares outstanding. So the fact that the stock is now down about 15%, that makes sense given the news. But in terms of the quarter, the company did report a beat on both the top and bottom lines. Q4 revenue coming in at 319 million on a net loss of 76 cents a share. So a narrower loss than expected. In addition to that, we saw a full year 2022 revenue surpass $1 billion for the first time. That represents an increase of 58% compared to 2021.

And that included 100 million in advertising revenue. We know how shaky the ad market has been. So another positive story there for Fubo. And then on the subscriber front, we saw them jumping closing the year with 1.45 million paying users in North America. And that's despite higher planned pricing. The company is really focused on pricing increases to drive down that cash burn, which has been a big drag on the stock.

And Q4 did represent the lowest level of quarterly cash usage in Fubo's history as a publicly traded company. And then finally on the earnings call, there were a few points made on how Fubo plans to handle competition. Management has really emphasized its sports first strategy, calling it the differentiating factor there in the streaming wars. And it certainly helped in the quarter with the start of football season in addition to the World Cup. Another thing that stuck out to me, we've been talking a lot about AI and how artificial intelligence has been a big buzzword in a lot of these recent earnings. And FuboTV said AI will be the future. It's going to be very important when it comes to the advertising experience, the overall customer experience.

They said that AI is a natural evolution and it will allow sports fans to engage on a per play basis, not just a per game basis. So look out for some potential updates there as we know that's sort of the future with all of these companies right now.

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