Fox Beats On Earnings As Tubi, News Drive Advertising Gains

Fox Corp (NASDAQ:FOXA) reported stronger-than-expected fourth-quarter earnings, helped by robust advertising growth from its streaming service Tubi and stronger pricing in its news division.

Adjusted earnings came in at $1.27 per share for the quarter ended June 30, beating the analyst consensus of $0.98. Revenue rose 6% year-over-year to $3.29 billion, topping forecasts of $3.12 billion.

Advertising revenue increased 7%, supported by gains at Tubi and improved ratings in news, although the absence of major international soccer tournaments tempered overall growth. Affiliate fees grew 3% due to gains across television and cable networks.

Net income attributable to shareholders more than doubled to $717 million from $319 million a year earlier. Adjusted EBITDA rose 21% to $939 million, reflecting higher revenue and reduced sports programming costs.

Fox increased its semi-annual dividend to $0.28 per share and announced a $5 billion expansion of its share repurchase program.