Business
FOX REPORTS SECOND QUARTER FISCAL 2023 REVENUES OF $4.61 BILLION
DECLARES $0.25 SEMI-ANNUAL DIVIDEND AND ANNOUNCES INCREMENTAL $3 BILLION STOCK REPURCHASE AUTHORIZATION INCLUDING $1 BILLION ACCELERATED SHARE REPURCHASE
About this update from Fox Corporation
[{"type":"text","content":"DECLARES $0.25 SEMI-ANNUAL DIVIDEND AND ANNOUNCES INCREMENTAL $3 BILLION STOCK REPURCHASE AUTHORIZATION INCLUDING $1 BILLION ACCELERATED SHARE REPURCHASE TRANSACTION\nNEW YORK, Feb. 8, 2023 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) (\"FOX\" or the \"Company\") today reported financial results for the three months ended December 31, 2022.\nThe Company reported total quarterly revenues of $4.61 billion, a 4% increase from the $4.44 billion reported in the prior year quarter. Affiliate fee revenues increased 1% led by 6% growth at the Television segment. Advertising revenues increased 4%, primarily reflecting the impact of the FIFA Men's World Cup (\"World Cup\") and strong NFL results at FOX Sports, higher political advertising revenues at the FOX Television Stations and continued growth at Tubi, partially offset by the absence of Thursday Night Football. Other revenues increased 13%, primarily due to the impact of the consolidation of entertainment production companies at the Television segment and higher FOX Nation subscription revenues.\nThe Company reported quarterly net income of $321 million as compared to a net loss of $73 million reported in the prior year quarter. The variance includes the change in fair value of the Company's investments recognized in Other, net. Net Income attributable to Fox Corporation stockholders was $313 million ($0.58 per share) as compared to a net loss of $85 million ($(0.15) per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $259 million ($0.48 per share), an increase of $182 million ($0.35 per share) from the $77 million ($0.13 per share) reported in the prior year quarter.\nQuarterly Adjusted EBITDA2 was $531 million, a 71% increase from the $310 million reported in the prior year quarter, reflecting the revenue increases noted above and lower expenses due to the absence of Thursday Night Football.\nCommenting on the results and stock repurchase announcements, Executive Chair and Chief Executive Officer Lachlan Murdoch said:\n\"A compelling fall sports schedule, combined with an active midterm political news cycle, showcased the power and relevance of the FOX platform in our fiscal second quarter. Whether measured in terms of engagement, monetization or profitability, our focused strategy of live news and sports progr...