Fubo reported first-quarter revenue of $1.57 billion and adjusted EBITDA of $37.75 million after completing its combination with Hulu Live TV, a deal management said broadened its reach and improved economics. The company also said domestic subscribers were up 4.23 million year on year, even as it worked through changes in content partnerships.

The revenue figure matched analyst estimates of $1.58 billion and rose 39.8% from a year earlier, but adjusted EPS came in at minus $0.32, missing expectations for minus $0.22 by 46.2%. The company’s adjusted EBITDA margin was 2.4%, while its operating margin improved to minus 0.6% from minus 3.6% in the same quarter last year.

For investors, the quarter offered the first real read on how Fubo is performing after the merger closed before earnings were reported. Management framed the combination as a way to extend distribution and sharpen the business model, while analysts focused on whether the company could keep growing subscribers and cash flow at the same time.

The temporary loss of NBCUniversal content was the main stress test. Chief Executive David Gandler said subscriber trends were still up, saying, “We were up 3% year-over-year versus the prior year in subscribers despite the fact that we were down with NBC for over 4 weeks.” That matters because it suggests the sports-heavy service held up even while a key programming source was missing for more than a month.

Analysts pressed management on what comes next. David Joyce asked about the impact of losing NBCUniversal content and whether sports rights could be regained. Clark Lampen questioned whether earlier synergy targets already included advertising technology and packaging benefits, and John Janedis said earlier projections assumed all synergies were realized on day one even though they would arrive over time. Brent Penter asked how the merger changes the balance between spending on subscriber growth and protecting free cash flow, while Patrick Sholl focused on the advertising ramp and seasonality after the combination. Laura Martin asked about the effect of Disney’s chief executive transition and the roadmap for innovation needed to narrow the subscriber gap with YouTube TV.

The company’s answer, for now, is that the deal has already changed the scale of the business, but not the competitive field. Fubo is integrating ad technology, navigating shifting content relationships and trying to turn a strong revenue quarter into proof that the merged company can grow without giving up margin discipline.