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Investing.com -- Fox Corporation reported better-than-expected third-quarter earnings and revenue, driven by strong advertising growth and the impact of Super Bowl LIX. The company’s shares rose 1.4% following the announcement.
Fox reported adjusted earnings per share of $1.10, surpassing analyst estimates of $0.89. Revenue for the quarter came in at $4.37 billion, beating the consensus forecast of $4.14 billion and representing a 27% YoY increase.
Advertising revenues surged 65% to $2.04 billion, primarily due to the broadcast of Super Bowl LIX, continued growth in digital advertising led by the Tubi AVOD service, and stronger news ratings and pricing. Affiliate fee revenues increased 3% to $2.01 billion.
"Our strong fiscal third quarter underscored the central role FOX plays in informing and entertaining America, and our financial performance, highlighted by record free cash flow, once again illustrates the strength of the FOX platform," said Executive Chair and CEO Lachlan Murdoch.
The company’s Cable Network Programming segment saw revenues increase 11% YoY to $1.64 billion, while the Television segment reported a 40% YoY revenue jump to $2.70 billion.
Despite the revenue growth, quarterly Adjusted EBITDA decreased slightly to $856 million from $891 million in the prior year quarter, as higher expenses offset the revenue gains.