Fox Clocks 4% Revenue Growth In Q2 Backed By FIFA World Cup, NFL Coverage; Approves Up To $3B Buyback

Fox Corp FOXA reported second-quarter FY23 revenue growth of 4% year-on-year to $4.61 billion, beating the consensus of $4.58 billion.

• Affiliate revenues increased 1% Y/Y to $1.71 billion, led by 6% growth in the Television segment. 
• Advertising revenues increased 4% Y/Y to $2.50 billion, primarily due to FIFA Men's World Cup and strong NFL results at FOX Sports, higher political advertising revenues at the FOX Television Stations, and continued growth at Tubi. 
• Other revenues increased 7% to $390 million due to higher FOX Nation subscription revenues.
• Adjusted EPS of $0.48 was in line with the consensus.
• Adjusted EBITDA increased 71% Y/Y to $531 million. 
• Fox held $4.06 billion in cash and equivalents.

Buyback: The board authorized a buyback of up to $3 billion.

Dividend: The board declared a dividend of $0.25 per share.

Price Action: FOXA shares traded higher by 5.58% at $35.95 at the last check Wednesday.

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