FuboTV Inc the leading sports-first live TV streaming platform, today announced its financial results for the second quarter ended June 30, 2022.

FuboTV’s North American (U.S. and Canada) streaming business delivered double-digit year-over-year growth in total revenue (up 65% to $216.1 million), ad revenue (up 32% to $21.7 million) and paid subscribers (up 41% to 946,735) during the second quarter.

In its letter to shareholders, fuboTV management indicated a pullback from its aggressive movement into sports betting: “While our disciplined sportsbook progress continues, in light of a rapidly-evolving macro-economic environment, we believe it is important to be even more capital efficient than originally scoped,” the company said. “We are taking steps to de-risk our business and have made the decision to no longer go down the wagering path independently. As a result, we’re evaluating strategic opportunities for our wagering business.”

“We remain steadfast in the aggregated streaming model and FuboTV’s mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content and interactivity,” said Edgar Bronfman Jr., executive chairman, FuboTV. “We continue to make strides toward our goal of achieving positive cash flow and AEBITDA in 2025 and look forward to outlining our strategic plan, key initiatives and long-term financial targets at our first Investor Day on August 16, 2022.”

“While our disciplined sportsbook progress continues, in light of a rapidly-evolving macro-economic environment, we believe it is important to be even more capital efficient than originally scoped,” the company said. “We are taking steps to de-risk our business and have made the decision to no longer go down the wagering path independently. As a result, we’re evaluating strategic opportunities for our wagering business.”