FIFA Women's World Cup - A Revenue Booster For Fox

Fox Corp FOXA reported first-quarter FY24 revenue of $3.21 billion, 0.5% year-on-year, beating the consensus of $3.18 billion.

The American multinational mass media company clocked an adjusted EPS of $1.09, which beat the consensus of $1.02.

Affiliate revenues increased 2% Y/Y to $1.74 billion, led by 8% growth in the Television segment. 

Advertising revenues decreased 2% Y/Y to $1.20 billion, as the broadcast of the FIFA Women's World Cup and continued growth at Tubi were more than offset by comparably lower political advertising revenues. 

Other revenues increased 2% Y/Y at $267 million.

Adjusted EBITDA was $869 million, down from $1.09 billion a year ago. 

Fox held $3.83 billion in cash and equivalents.

CEO Lachlan Murdoch said: "In the first quarter, we saw increased engagement at FOX Sports, driven by our broadcast of the FIFA Women's World Cup and the start of college football, and at Tubi, which continues to drive impressive growth in viewing in an increasingly crowded marketplace." 

The Q2 consensus revenue and EPS are $4.34 billion and $0.11.

Price Action: FOXA shares traded higher by 1.90% at $28.43 on the last check Thursday.