Fox Corp reported fourth quarter fiscal revenues of $3.03bn (a 5% increase from year-over-year), net income of $308m, and a 7% increase in adjusted Ebitda (the company’s measure of profit) to $770m.
For its full fiscal year, which ended 30 June, Fox reported an 8% increase in annual revenue to $13.97bn.
However, the company’s net annual income declined from $2.20bn in 2021 to $1.23bn in 2022, and adjusted Ebitda fell from $3.09bn to $2.96bn.
Fox Corp attributed the results to higher expenses despite increased revenue, particularly with regard to Fox’s digital investment in TUBI and Fox News Media.
Regarding advertising, the Murdoch-owned company noted that ad revenues increased 9% on the year, primarily due to higher pricing at Fox Sports and Fox News Media.