Stock Track | Fox Corporation Class B Soars 5% in Pre-Market as Q1 Earnings Smash Estimates, Announces $1.5B Share Buyback

Stock Track10-30

Fox Corporation Class B (NASDAQ:FOX) shares are soaring 5.04% in pre-market trading on Thursday, following the company's impressive fiscal first-quarter earnings report that significantly exceeded analyst expectations. The media giant reported quarterly earnings of $1.51 per share, beating the consensus estimate of $1.08 by a whopping 40.07%, and marking a 4.14% increase from the same period last year.

The company's strong performance was underpinned by robust revenue growth across its portfolio. Fox reported quarterly sales of $3.738 billion, surpassing the analyst consensus estimate of $3.570 billion by 4.70%. This represents a 4.88% increase compared to the same period last year. The cable-network business, which includes Fox Sports 1, Fox Business, and Fox News, saw revenue rise 4.1% to $1.66 billion, while the television segment experienced a 5% gain, reaching $2.05 billion.

Adding to the positive sentiment, Fox unveiled a $1.5 billion accelerated share-repurchase program, further boosting investor confidence. CEO Lachlan Murdoch attributed the strong results to increased audience engagement and robust advertising demand across sports, news, entertainment, and the Tubi streaming service. The company noted that higher prices and ratings helped offset lower political advertising revenues, with overall advertising revenues increasing by 6%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment