Fox Corporation beat earnings forecasts in the second quarter of the current fiscal year thanks to a surge in ad revenue from the media conglomerate’s news networks and sports programs.
Fox Corporation beat earnings forecasts in the second quarter of the current fiscal year thanks to a surge in ad revenue from the media conglomerate’s news networks and sports programs.
Fox Corp reported $5.18 billion in total revenue, a 2% year-over-year increase, as companywide ad revenue rose 1% and cable advertising jumped 7%, driven by news and sports pricing.
Tubi, Fox’s free, ad-supported streaming service, posted record quarterly revenue of 19% — marking EBITDA profitability for the second straight quarter.
Fox also leaned on its balance sheet during the quarter, repurchasing $1.8 billion of stock in the fiscal year to date as part of its ongoing capital return program.
The buybacks brought Fox’s cumulative repurchases since 2019 to $8.4 billion — roughly 35% of shares outstanding — including $1.5 billion tied to an accelerated share repurchase.
Lachlan Murdoch, executive chair and CEO of Fox Corp, hailed the second-quarter results on Wednesday, with Fox News powering the balance sheet.
“The advertising market for Fox News has been incredibly robust,” he told investors.
“This half, we’ve added about 200 new advertisers and you have to remember that is on top of 350 new advertisers that we added last year.
