Fox Corp · Q2 2023 earnings

Briefing

Fox's financial performance for the second quarter of fiscal year 2023, marked by revenue growth and increased profitability, driven by key events and strategic initiatives.

Fox Corporation reported a 4% increase in revenue, reaching $4.61 billion, and a significant rise in net income to $321 million compared to a net loss in the prior year quarter. The growth was fueled by the FIFA Men's World Cup, strong NFL results, and growth in advertising and affiliate fees.

• Total quarterly revenues increased by 4% to $4.61 billion, driven by growth in advertising and affiliate fee revenues.
• Net income was $321 million, a significant improvement from the prior year quarter's net loss of $73 million.
• Adjusted EBITDA increased by 71% to $531 million, reflecting revenue growth and lower expenses.
• The company declared a $0.25 semi-annual dividend and announced an incremental $3 billion stock repurchase authorization.

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 in this press release 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.