Why Fox (FOX) Shares Are Trading Higher Premarket Today - Fox (NASDAQ:FOXA), Fox (NASDAQ:FOX)

Fox Corp FOX reported fourth-quarter FY22 revenue growth of 5% year-on-year to $3.03 billion, missing the consensus of $3.05 billion.
Affiliate revenues increased 4% Y/Y to $1.73 billion with 2% growth in the Cable Network Programming segment and 7% growth in the Television segment.
Advertising revenues increased 7% Y/Y to $1.06 billion, primarily due to continued pricing strength at the FOX Network and continued growth at Tubi.
Other revenues increased 4% to $252 million due to the consolidation of entertainment production companies.
Adjusted EPS of $0.74 missed the consensus of $0.76.
Adjusted EBITDA increased 7% Y/Y to $770 million.
Fox generated $1.88 billion in operating cash flow compared to $2.64 billion last year. It held $5.2 billion in cash and equivalents at the end of Q4.
Buyback: Fox authorized a $4 billion stock repurchase program. To date, the Company has repurchased $1.9 billion of its Class A common stock and $784 million of its Class B common stock.
CEO Lachlan Murdoch said: "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."
Price Action: FOX shares traded higher by 2.07% at $32 in the premarket on the last check Wednesday.

Fox Q4 Performance Falls Marginally Short Of Street Expectations, Authorizes $4B Buyback