- Fox Corporation (NASDAQ:FOX) reported third-quarter FY22 revenue growth of 7% year-on-year to $3.46 billion, beating the consensus by $70 million.
- Affiliate revenues increased 5% Y/Y to $1.8 billion with 3% growth in the Cable Network Programming segment and 8% growth in the Television segment.
- Advertising revenues increased 9% Y/Y to $1.3 billion, primarily due to continued pricing strength at the FOX Network and continued growth at Tubi.
- Other revenues increased 18% to $351 million, led by higher sports sublicensing revenues in the Cable Network Programming segment.
- Adjusted EPS of $0.81 missed the consensus by $0.07.
- Fox held $4.6 billion in cash and equivalents.
- Chair and CEO Lachlan Murdoch said: “FOX’s third-quarter results again demonstrate our capacity to deliver sustained and consistently strong revenue growth. Our 7% topline growth in the quarter was propelled by pricing strength in both distribution and advertising revenues across our leadership brands, complemented by the powerful momentum we continue to see at Tubi.”
- Price Action: FOX shares traded lower by 1.20% at $32.81 on the last check Tuesday.
World’s Biggest Sovereign Wealth Fund Cashes Out Of Rivian, Trims Tesla Stake, But Bulks Up On This Chinese EV Maker
Norges Bank, the central bank of Norway and the sponsor of the world's biggest sovereign wealth fund (the Norwegian Oil Fund), has substantially changed its allocation toward electric vehicle stocks in the first quarter.
