Fox Corp Launches $7B Buyback, Dividend Boost After Q4 Beat: 'The Power Of The FOX Platform Was On Full Display'

Fox Corp FOXA reported fourth-quarter FY23 revenue of $3.03 billion, flat year-on-year, beating the consensus of $3.02 billion.

Affiliate revenues increased 3% Y/Y to $1.77 billion, led by 9% growth in the Television segment. 

Advertising revenues decreased 4% Y/Y to $1.01 billion, as continued growth at Tubi was more than offset by comparably lower political advertising revenues. 

Other revenues remained unchanged Y/Y at $253 million.

Adjusted EPS of $0.88 beat the consensus of $0.71.

Adjusted EBITDA was $735 million, down from $770 million a year ago. 

Fox held $4.3 billion in cash and equivalents.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said, "Fiscal 2023 showcased the very best of FOX's portfolio while achieving record annual revenue and EBITDA."

"From the exceptional sports calendar that included Super Bowl LVII and the FIFA Men's World Cup to the record-breaking political midterm cycle and the impressive growth seen at Tubi, the power of the FOX platform was on full display," he added.

Dividend: Fox raised the quarterly dividend to $0.26 per share, up from $0.25.

Share Buyback: The company authorized a $7 billion stock repurchase program. 

Price Action: FOXA shares traded higher by 3.17% at $34.13 premarket at the last check Tuesday.

Now Read: Why Did Tesla CFO Quit? Musk Cites 'Long Tour Of Duty,' But 2 Analysts Have Their Own Theories

Photo: Shutterstock

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