Fox Corp · Q1 2021 earnings

Briefing

Fox's first quarter of fiscal year 2021 revenues increased by 2%, driven by growth in the Cable Network Programming segment, with net income up due to a gain and lower operating expenses.

Fox Corporation reported a 2% increase in revenue to $2.72 billion for the first quarter of fiscal year 2021. Net income increased to $1.12 billion, and adjusted EPS was $1.18. Growth was primarily driven by the Cable Network Programming segment.

• Total quarterly revenues increased by 2% to $2.72 billion, driven by the Cable Network Programming segment.
• Net income increased to $1.12 billion, primarily due to a gain recognized in Other, net and lower operating expenses.
• Adjusted EBITDA increased by 36% due to higher contributions at the Television and Cable Network Programming segments.
• Affiliate revenues increased 10%, while advertising revenues decreased 7% due to the postponement of live events.

Headline financials

Revenue & EPS history

This press release contains forward-looking statements that are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses, including the impact of COVID-19 and other widespread health emergencies or pandemics and measures to contain their spread.