Fox Corporation Reports Higher Revenue on Advertising and Cable Growth
Fox Corporation reported revenue of $5.18 billion for the fiscal second quarter, a 2% increase compared to the same period last year.
The company's growth was mainly driven by strong performance in its cable network segment and higher advertising revenue, particularly at its news and sports networks.
Fox's ad-supported streaming service, Tubi, also contributed to the positive results. The company released adjusted EBITDA of $692 million and net income of $247 million for the quarter.
Despite a slight decline in the television segment, growth in cable and strong advertising demand helped Fox surpass Wall Street's revenue estimates.
Growth in the cable segment and higher advertising revenue, especially from news, sports, and the streaming service Tubi, helped boost revenue.
Fox's revenue increased by 2% compared to the same quarter last year.
No, the television segment saw a slight decline, but growth in cable and advertising more than made up for it.
Yes, Fox's revenue was higher than Wall Street had expected for the quarter.
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