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Fox Profit Soars on World Cup, Ads
2 Nov
Summary
- Profit boosted by FIFA World Cup advertising revenue.
- Total revenue reached $4.57 billion, a 22% increase.
- Net income was $943 million, or $2.20 per share.
Fox Corporation experienced a significant profit increase in its fiscal first quarter, largely attributed to robust advertising revenue. This surge was primarily fueled by the multi-week telecast of the FIFA World Cup, alongside increased political advertising and a rise in network subscriber numbers.
The company announced a total revenue of $4.57 billion, representing a 22% increase of $833 million compared to the previous year. This growth was propelled by a 9% rise in fees from programming carriers and a remarkable 47% surge in advertising revenue, heavily influenced by World Cup broadcasts.
Net income attributable to Fox shareholders stood at $943 million, equating to $2.20 per share. This marks a substantial improvement from the $599 million, or $1.32 per share, reported in the corresponding period of the prior year.
Fox CEO Lachlan Murdoch highlighted the stellar performance of the FIFA Men's World Cup, the commencement of college football and NFL seasons, and the active national and local election cycle as contributors to the company's strong start to the fiscal year. He expressed confidence in delivering shareholder value based on these record results and ongoing business momentum.
