Fox 4Q Sales Climb After World Cup Juices Ad Revenue

Dow Jones08-06
 

Fox Corp. said the FIFA World Cup sent advertising revenue up 78% in the fiscal fourth quarter.

The media company said Thursday that revenue rose 28% to $4.21 billion in the latest quarter. Analysts surveyed by FactSet forecast revenue of $3.64 billion. The growth was bolstered by a 78% jump in advertising revenue across the business.

Within Fox's television business, advertising revenue more than doubled to $1.46 billion, primarily due to a boost from the FIFA World Cup. That helped lift overall television revenue 45%.

Ad sales were also helped by Fox's streaming platform Tubi and higher political advertising on Fox TV stations, the company said.

Ad revenue in Fox's cable-network-programming segment climbed 22%, also fueled by the World Cup. Total cable-network sales were up 9%.

Profit attributable to shareholders of $691 million, or $1.61 a share, compared with $717 million, or $1.57 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $1.79, ahead of the $1.44 anticipated by analysts, according to FactSet.

Shares were up 3.7% to $54.15 in premarket trading.

Fox Corp. and Wall Street Journal parent News Corp share common ownership.

 
 

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