Fox Corp released its Q2 FY2023 earnings on Wednesday, reporting a 4% increase in advertising revenue primarily due to the FIFA Men’s World Cup.
The company generated $4.61B in total revenue and $2.5B in ad revenue. Net income rose to $321M, compared to a net loss of $73M reported in the same period last year.
- Fox Executive Chair and CEO Lachlan Murdoch said the company had a compelling fall sports schedule and an active midterm political news cycle.
- Murdoch added that the company will look for merger-and-acquisition targets more aggressively following the decision to cancel re-merger plans with News Corp.
- Fox announced a $3B share buyback plan, expanding its program to $7B.
- Fox shares closed at $33.21 on Wednesday, up more than 4% for the day.
