fuboTV Inc. (FUBO) saw its stock price plummet 5.14% in pre-market trading on Friday, despite reporting better-than-expected second-quarter earnings. The streaming company posted adjusted earnings of $0.05 per share, surpassing analysts' expectations of $0.02 and marking a significant improvement from the $0.04 loss per share reported in the same quarter last year.

However, the positive earnings surprise was overshadowed by concerning trends in revenue and subscriber numbers. FuboTV reported Q2 revenue of $380 million, down from $391 million in the previous year. The company's North American segment, which is its largest market, saw total revenue decline by 3% year-over-year to $371.3 million. More alarmingly, paid subscribers in North America dropped 6.5% to 1.356 million.

The Rest of World (ROW) segment painted a mixed picture, with revenue increasing 4.7% year-over-year to $8.7 million, but paid subscribers declining 12.5% to 349,000. These figures suggest that while fuboTV is managing to extract more revenue per user in international markets, it's struggling to grow its user base. The overall decline in subscribers and revenue appears to have spooked investors, leading to the sharp stock price drop despite the earnings beat.