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Investing.com -- Fox Corp reported better-than-expected quarterly earnings on Tuesday, boosted by higher advertising revenue from its streaming service Tubi and stronger pricing in its news division.
The company posted adjusted earnings of $1.27 per share for the fourth quarter ended June 30, well above analysts’ average estimate of 98 cents.
Revenue rose 6% to $3.29 billion, topping expectations of $3.12 billion.
Advertising sales climbed 7%, helped by Tubi and improved ratings and pricing in news, partly offset by the absence of last year’s major soccer tournaments. Affiliate fees rose 3%, helped by gains in both its television and cable businesses.
Net income attributable to Fox shareholders more than doubled to $717 million from $319 million a year earlier.
Adjusted EBITDA rose 21% to $939 million, on revenue increase and lower sports rights costs, with savings from not airing UEFA and Copa América matches.
Fox also raised its semi-annual dividend to $0.28 per share and added $5 billion to its share repurchase program.
Shares rose 2.1% in premarket trading.