Fox revenues hit $3.03 billion for June quarter, up 5% from $2.89 billion. Ad sales popped 7%, primarily on stronger pricing and higher ratings at FOX News, political advertising revenues at Fox Television Stations and continued growth at TUBI.
Net Income to Fox shareholders came in at $306 million ($0.55 per share) as compared to the $253 million, or $0.43, per share. Adjusted, that was $0.74 per share vs $0.65 per share last quarter.
The numbers were shy of Wall Street expectations, but the stock was trading higher in pre-market action.
“We completed another successful year at FOX, with Fiscal 2022 results demonstrating the strength and durability of our core brands and their ability to deliver consistent audiences across the entirety of FOX. These results validate the strategy we embarked on three years ago – to focus on live news and sports while investing in high growth digital initiatives to create a platform for ongoing growth.,” said CEO Lachlan Murdoch. “We begin Fiscal 2023 with strong momentum, supported by an enviable schedule of live sporting events and the mid-term election cycle, and bolstered by a best-in-class balance sheet. These attributes will serve us well in navigating any macroeconomic uncertainty while continuing to create value for our shareholders.”
Speaking to investors on a call this morning, Murdoch said, “We are not seeing an advertising impact on our business.”
MORE to come