One of the perks of setting performance guidance at the most pessimistic end of the spectrum is that poor financial results can be dressed up as a success. This was the case for FuboTV’s second quarter earnings, as the US sports streamer reported subscriber losses in both its core North American market and its perpetually underperforming overseas segment. Seasonal spikes are an occupational hazard of running a North American-centric sports business, with peaks in Q4 and troughs in Q2 shown in the attached graph, between Q1 2022 and Q2 2025. Fubo reported a total of 1.7 million subscribers in Q2 2025, a reduction of 144,000 subs compared to Q2 2024. The majority of cancellations came in North America, at just…