Fox Corp. (FOX) beats earnings and revenue estimates for Q2; shares slightly up

Fox Corp. (NASDAQ: FOX) better-than-expected second-quarter earnings and revenue. The stock rose 0.9% in premarket trading.

The mass media giant reported earnings per share (EPS) of $0.34, surpassing the expected $0.12. The company's quarterly revenue was reported at $4.23 billion, slightly above the consensus estimate of $4.21 billion.

Cable network programming brought in $1.66 billion in revenue, outperforming the forecast of $1.59 billion. However, TV revenue slightly missed expectations, totaling $2.54 billion against an estimated $2.6 billion.

Advertising revenue reached $2.00 billion, falling short of the anticipated $2.1 billion. Meanwhile, affiliate fee revenue exceeded expectations, coming in at $1.79 billion compared to the projected $1.74 billion.

"Advertising revenues decreased 20%, primarily due to the absence of the FIFA Men's World Cup ("Men's World Cup") at FOX Sports, lower political advertising revenues at the FOX Television Stations due to the absence of the 2022 midterm elections, and the impact of elevated supply in the direct response marketplace, lower ratings and higher preemptions associated with breaking news coverage at FOX News Media,” the company said in the statement.

By Vahid Karaahmetovic

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