<p><strong>富波电视</strong>(FUBO 4.85%) 已经成为领先的现场体育赛事流媒体服务提供商。该公司在北美拥有近 150 万订阅用户，每位用户平均每月支付 85.69 美元，同时还有其他全球约 40 万低价值订阅用户。</p>
<p>然而，该公司未能实现盈利。在 2024 年第二季度的 3.91 亿美元营收中，富波电视报告了 2580 万美元的净亏损，1100 万美元的调整后息税折旧及摊销前利润（EBITDA）亏损，以及 3530 万美元的自由现金流亏损。</p>
<p>尽管对于一个雄心勃勃、快速增长的公司来说亏损并不罕见，但有多个其他原因让投资者远离富波电视。即使股价从疫情期间的高峰下跌了约 97%，投资者仍应极度谨慎。</p>
<h2>1. 体育赛事流媒体巨头</h2>
<p>富波电视上个月获得了一次重要支持，一位法官颁发了一项初步禁令，阻止 <strong>迪士尼</strong>、<strong>福克斯</strong> 和 <strong>华纳兄弟探索公司</strong> 推出一项计划于今年秋季上线的联合体育赛事流媒体服务。这项新服务预计将被命名为 Venu，最初定价为每月 42.99 美元，如果获准推出的话。这大大低于富波电视的标准定价。</p>
<p>Venu 能否获准推出还是个未知数。涉及的三大传媒巨头正在对这一决定提出上诉，这最终只是暂时的延迟。如果 Venu 最终推出，赢得并留住订阅用户将变得更加具有挑战性。</p>
<h2>2. 增长已经放缓</h2>
<p>富波电视预计其北美订阅用户数量在 2024 财年仅增长 7%。根据公司的展望，营收将以更快的 18% 的速度增长。</p>
<p>问题的一部分在于，富波电视几乎没有资源投入营销。第二季度的销售和营销支出总计 3600 万美元，不到营收的 10%。如果 Venu 最终推出，这个问题将变得更加严重，因为新服务将得到三大传媒巨头的营销支持。</p>
<p>富波电视提高每位订阅用户的平均收入也存在一定限制，即使没有新竞争对手出现。广告收入对此有所帮助，但增长缓慢，占总收入不到 7%。</p>
<h2>3. 游戏无法永远持续</h2>
<p>你可能会问：富波电视如何支付昂贵的直播体育赛事转播权费用，尤其在不断亏损的情况下？答案是，该公司不断发行新股以维持运营。</p>
<p>富波电视在 2024 年上半年通过发行股票筹集了 3690 万美元。这比 2023 年上半年的 1.169 亿美元有所下降，但公司的现金余额也大幅减少。富波电视第二季度末的现金及现金等价物为 1.552 亿美元，较一年前的 2.453 亿美元减少。</p>
<p>以下是富波电视平均摊薄股份的图表：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4d270060ee28d90c1ca4367d3dfccee7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4d270060ee28d90c1ca4367d3dfccee7.png"/></p>
<p>FUBO 平均摊薄流通股数（季度）数据来源：YCharts</p>
<p>随着富波电视股价跌至每股不到 2 美元，通过出售股票筹集足够资金以弥补亏损的做法迅速变得不可持续。毕竟，必须有人愿意购买公司在市场上抛售的所有股票。</p>
<h2>远离富波电视</h2>
<p>如果 Venu 被搁置，富波电视股价可能会暂时飙升，但对股东的任何缓解都将是暂时的。更多竞争是不可避免的，三大涉及方中的任何一家都可能推出自己的竞争服务。</p>
<p>即使没有增加的竞争，富波电视仍在持续亏损并稀释股东权益以维持运营。该公司变得不那么亏损了，但订阅增长放缓，广告仍然是额外收入的微不足道的来源。</p>
<p>也许会有诱惑去押注一次扭转局面，尤其是股价从高峰下跌了 97%。作为短期投机，富波电视股票可能是有道理的。但对于长期投资者来说，最好远离。</p>

富波电视

<p>FuboTV 股票自最高点下跌了 97%，尽管作为领先的体育流媒体服务提供商，面临着财务稳定方面的挑战。该公司报告称 2024 年第二季度净亏损为 3,880 万美元，并依赖出售新股份获取现金，这种情况正在变得不可持续。尽管最近的一次法律胜诉可能会推迟竞争对手的推出，但订阅增长放缓（预计 2024 财年增长 7%），广告收入仍然很少。投资者被建议保持谨慎，因为尽管短期存在投机机会，但长期前景似乎黯淡无光</p>

<p><strong>FuboTV</strong>(FUBO 4.85%) has established itself as a leading streaming service for live sports. The company has racked up nearly 1.5 million subscribers in North America, with each paying $85.69 per month on average, along with another 0.4 million lower-value subscribers around the world.</p>
<div class="lb-trans"><p><strong>富波电视</strong>(FUBO 4.85%) 已经成为领先的现场体育赛事流媒体服务提供商。该公司在北美拥有近 150 万订阅用户，每位用户平均每月支付 85.69 美元，同时还有其他全球约 40 万低价值订阅用户。</p>
</div><p>One thing the company has failed to do, though, is figure out how to turn a profit. On $391 million in revenue during the second quarter of 2024, FuboTV reported a net loss of $25.8 million, an adjusted EBITDA loss of $11.0 million, and a free cash flow loss of $35.3 million.</p>
<div class="lb-trans"><p>然而，该公司未能实现盈利。在 2024 年第二季度的 3.91 亿美元营收中，富波电视报告了 2580 万美元的净亏损，1100 万美元的调整后息税折旧及摊销前利润（EBITDA）亏损，以及 3530 万美元的自由现金流亏损。</p>
</div><p>While losing money isn't out of the ordinary for a fast-growing company with big ambitions, there are multiple other reasons to stay far away from FuboTV. Even with the stock down around 97% from its pandemic-era peak, investors should be extremely cautious.</p>
<div class="lb-trans"><p>尽管对于一个雄心勃勃、快速增长的公司来说亏损并不罕见，但有多个其他原因让投资者远离富波电视。即使股价从疫情期间的高峰下跌了约 97%，投资者仍应极度谨慎。</p>
</div><h2>1. A sports streaming juggernaut</h2>
<div class="lb-trans"><h2>1. 体育赛事流媒体巨头</h2>
</div><p>FuboTV got a shot in the arm last month when a judge granted a preliminary injunction blocking <strong>Disney</strong>, <strong>Fox</strong>, and <strong>Warner Bros. Discovery</strong> from launching a joint sports streaming service scheduled to go live this fall. The new service, set to be called Venu, will be priced at $42.99 per month initially if it's allowed to see the light of day. That dramatically undercuts FuboTV's standard pricing.</p>
<div class="lb-trans"><p>富波电视上个月获得了一次重要支持，一位法官颁发了一项初步禁令，阻止 <strong>迪士尼</strong>、<strong>福克斯</strong> 和 <strong>华纳兄弟探索公司</strong> 推出一项计划于今年秋季上线的联合体育赛事流媒体服务。这项新服务预计将被命名为 Venu，最初定价为每月 42.99 美元，如果获准推出的话。这大大低于富波电视的标准定价。</p>
</div><p>Whether Venu will be allowed to launch is anyone's guess. The three media giants involved are appealing the decision, which is ultimately a temporary delay. If Venu does launch down the road, winning and keeping subscribers will become far more challenging for FuboTV.</p>
<div class="lb-trans"><p>Venu 能否获准推出还是个未知数。涉及的三大传媒巨头正在对这一决定提出上诉，这最终只是暂时的延迟。如果 Venu 最终推出，赢得并留住订阅用户将变得更加具有挑战性。</p>
</div><h2>2. Growth is already slowing</h2>
<div class="lb-trans"><h2>2. 增长已经放缓</h2>
</div><p>FuboTV expects to grow its North America subscriber count by just 7% in fiscal 2024. Revenue will grow at a faster 18% rate, according to the company's outlook.</p>
<div class="lb-trans"><p>富波电视预计其北美订阅用户数量在 2024 财年仅增长 7%。根据公司的展望，营收将以更快的 18% 的速度增长。</p>
</div><p>Part of the problem is that FuboTV has minimal resources to invest in marketing. Sales and marketing spending totaled $36 million in the second quarter, less than 10% of revenue. This becomes an even bigger problem if Venu ultimately launches, since the new service will have the marketing muscle of three media giants behind it.</p>
<div class="lb-trans"><p>问题的一部分在于，富波电视几乎没有资源投入营销。第二季度的销售和营销支出总计 3600 万美元，不到营收的 10%。如果 Venu 最终推出，这个问题将变得更加严重，因为新服务将得到三大传媒巨头的营销支持。</p>
</div><p>There's also a limit to how far FuboTV can push up average revenue per subscriber, even without a new competitor on the scene. Advertising revenue is helping the cause, but it's growing slowly and accounts for less than 7% of total revenue.</p>
<div class="lb-trans"><p>富波电视提高每位订阅用户的平均收入也存在一定限制，即使没有新竞争对手出现。广告收入对此有所帮助，但增长缓慢，占总收入不到 7%。</p>
</div><h2>3. A game that can't go on forever</h2>
<div class="lb-trans"><h2>3. 游戏无法永远持续</h2>
</div><p>You may be asking yourself: How does FuboTV pay for expensive rights to stream live sports events when it's been burning cash? The answer is that the company continually sells new shares to keep the lights on.</p>
<div class="lb-trans"><p>你可能会问：富波电视如何支付昂贵的直播体育赛事转播权费用，尤其在不断亏损的情况下？答案是，该公司不断发行新股以维持运营。</p>
</div><p>FuboTV raised $36.9 million in the first six months of 2024 selling shares. That's down from $116.9 million in the first half of 2023, but the company's cash balance also dwindled considerably. FuboTV ended the second quarter with cash and cash equivalents of $155.2 million, down from $245.3 million one year prior.</p>
<div class="lb-trans"><p>富波电视在 2024 年上半年通过发行股票筹集了 3690 万美元。这比 2023 年上半年的 1.169 亿美元有所下降，但公司的现金余额也大幅减少。富波电视第二季度末的现金及现金等价物为 1.552 亿美元，较一年前的 2.453 亿美元减少。</p>
</div><p>Here's chart of FuboTV's average diluted share count:</p>
<div class="lb-trans"><p>以下是富波电视平均摊薄股份的图表：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4d270060ee28d90c1ca4367d3dfccee7.png" alt="" original-src="https://media.ycharts.com/charts/4d270060ee28d90c1ca4367d3dfccee7.png"/></p>
<p>FUBO Average Diluted Shares Outstanding (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>FUBO 平均摊薄流通股数（季度）数据来源：YCharts</p>
</div><p>With FuboTV trading below $2 per share, raising enough cash to cover losses by selling stock is quickly becoming unsustainable. There has to be someone willing to buy all the shares the company is dumping on the market, after all.</p>
<div class="lb-trans"><p>随着富波电视股价跌至每股不到 2 美元，通过出售股票筹集足够资金以弥补亏损的做法迅速变得不可持续。毕竟，必须有人愿意购买公司在市场上抛售的所有股票。</p>
</div><h2>Stay away for FuboTV</h2>
<div class="lb-trans"><h2>远离富波电视</h2>
</div><p>Shares of FuboTV could temporarily soar if Venu is shelved, but any relief to shareholders will be temporary. More competition is inevitable, and any of the three media giants involved could develop their own competing service.</p>
<div class="lb-trans"><p>如果 Venu 被搁置，富波电视股价可能会暂时飙升，但对股东的任何缓解都将是暂时的。更多竞争是不可避免的，三大涉及方中的任何一家都可能推出自己的竞争服务。</p>
</div><p>Even without increased competition, FuboTV continues to burn cash and dilute shareholders to keep things going. The company has become less unprofitable, but subscriber growth is slowing and advertising is still a tiny source of additional revenue.</p>
<div class="lb-trans"><p>即使没有增加的竞争，富波电视仍在持续亏损并稀释股东权益以维持运营。该公司变得不那么亏损了，但订阅增长放缓，广告仍然是额外收入的微不足道的来源。</p>
</div><p>It can be tempting to bet on a turnaround, especially with the stock down 97% from its peak. As a short-term speculation, FuboTV stock might make sense. But for long-term investors, it's best to stay away.</p>
<div class="lb-trans"><p>也许会有诱惑去押注一次扭转局面，尤其是股价从高峰下跌了 97%。作为短期投机，富波电视股票可能是有道理的。但对于长期投资者来说，最好远离。</p>
</div>

富波电视的股票从峰值下跌了 97%，但仍然不建议购买