Shares of fuboTV Inc. (FUBO) tumbled 6.14% in pre-market trading on Friday, as investors reacted to the company's mixed first-quarter results and disappointing second-quarter guidance. Despite posting a surprise profit in Q1, the sports streaming service's forecast for declining revenue and subscribers in Q2 has overshadowed the positive elements of its earnings report.

FuboTV reported a profit of $188.5 million, or 55 cents per share, for the first quarter, compared to a loss of $56 million, or 19 cents per share, in the same period last year. Adjusted earnings per share came in at a loss of 2 cents, beating analyst expectations of a 10-cent loss. Revenue rose to $416.3 million, slightly surpassing the $415 million forecast by analysts. However, the company faced challenges with declining subscriber numbers, with North American paid subscribers down 2.7% and international subscribers falling 11%.

The stock's pre-market plunge appears to be primarily driven by fuboTV's gloomy outlook for the second quarter. The company projected a 10% decline in North American revenue and a 15% drop in international revenue for Q2, along with expectations of further subscriber losses in both regions. This forecast has raised concerns among investors about the company's growth trajectory and its ability to maintain profitability in the face of a shrinking user base. While fuboTV's focus on cost control and profitability yielded positive results in Q1, the market seems skeptical about the sustainability of this approach given the projected revenue and subscriber declines.