Fox Corp reports increases in revenue, profit

Fox Corp reports increases in revenue, profit
News in brief

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.

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