Fox Registers 5% Revenue Growth In Q1 Backed By Affiliate, Advertising Segments

  • Fox Corp FOXA reported first-quarter FY23 revenue growth of 5% year-on-year to $3.19 billion, beating the consensus of $3.17 billion.
  • Affiliate revenues increased 3% Y/Y to $1.71 billion, led by 6% growth in the Television segment. 
  • Advertising revenues increased 8% Y/Y to $1.22 billion, primarily due to higher political advertising revenues, continued pricing strength at the FOX Network, and continued growth at Tubi. 
  • Other revenues increased 5% to $2 million due to higher FOX Nation subscription revenues and the consolidation of entertainment production companies.
  • Adjusted EPS of $1.21 beat the consensus of $1.15.
  • Adjusted EBITDA increased 3% Y/Y to $1.09 billion. 
  • Fox generated $270 million in operating cash flow. It held $4.95 billion in cash and equivalents.
  • Fox has authorized a $4 billion stock repurchase program. To date, the company has repurchased $2 billion of its Class A common stock and $860 million of its Class B common stock.
  • On October 14, the board formed a special committee to begin exploring a potential combination with News Corp NWS.
  • RelatedBringing Fox And News Corp Back Together Again Scares This Analyst, Who Just Downgraded The Stock On Merger Concerns
  • Price Action: FOXA shares traded higher by 2.53% at $29.60 in the premarket on the last check Tuesday.
  • Photo Via Company
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