Fox Corp · Q1 2022 earnings

Briefing

Fox reported a revenue increase of 12% driven by advertising and affiliate growth, but net income decreased due to the absence of a prior-year gain.

Fox Corporation reported Q1 fiscal year 2022 results with revenues of $3.05 billion, a 12% increase year-over-year. Net income was $708 million, down from $1.12 billion in the prior year. The increase in revenue was driven by growth in advertising and affiliate revenues.

• Total quarterly revenues reached $3.05 billion, a 12% increase compared to the prior year quarter.
• Advertising revenues increased 17%, driven by growth at Tubi and the return of live events at FOX Sports.
• Affiliate revenues increased 9%, with 14% growth in the Television segment and 5% growth in the Cable Network Programming segment.
• Net income was $708 million, compared to $1.12 billion in the prior year quarter, impacted by the absence of a $462 million gain from Disney in the prior year.

Headline financials

Revenue & EPS history

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances.