Fox Corp. reported second-quarter FY22 revenue growth of 9 percent year-on-year to $4.44 billion, beating the consensus of $4.26 billion.
Affiliate revenues increased 11 percent Y/Y to $1.69 billion with 12 percent growth at the Cable Network Programming segment and 10 percent growth at the Television segment.
Advertising revenues increased 6 percent Y/Y to $2.41 billion, primarily due to continued pricing strength at the FOX Network, underpinned by the strength of the Company’s sports portfolio, and continued growth at Tubi.
Other revenues increased 20 percent to $345 million, led by higher sports sublicensing revenues at the Cable Network Programming segment.
Adjusted EPS of $0.13 beat the consensus of $0.03. Fox held $4.3 billion in cash and equivalents.
Share Buyback
Fox authorized a $4 billion stock repurchase program.“These strong results and broad-based operating momentum are underpinned by the most valuable news franchise in the country, the leading live sports franchise, our top broadcast network reinforced by a strategic stations portfolio, as well as the emerging leader in AVOD,” Chair and Chief Executive Officer Lachlan Murdoch said.
