Fox revenues reached $3.03 billion in June quarter, an increase of 5% over $2.89 billion. Among the reasons for the increase in ad sales was stronger pricing and better ratings at FOX News, higher political advertising revenues at Fox Television Stations, and continued growth at TUBI, is the strong pricing and higher ratings.
Net Income to Fox shareholders was $306 million (or $0.43 per share), compared to the $253million ($0.55 per share). This was adjusted to $0.74 per share, compared to $0.65 per share in the last quarter.
Wall Street expected the numbers to be lower than they were, but pre-market activity showed that the stock was trading higher.
“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.”
Murdoch spoke to investors this morning on a conference call. “We are not seeing an advertising impact on our business.”
There’s more to come