(Bloomberg) -- Fox Corp. reported sales and profit that beat Wall Street’s expectations as the media company saw a surge in advertising revenue.
- Fiscal fourth-quarter sales rose about 20% to $2.89 billion. That was higher than the average analyst estimate of $2.75 billion. Adjusted profit was 65 cents a share, exceeding the estimate of 57 cents.
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- Two years after selling its entertainment properties to Walt Disney Co., Fox is trying to build new businesses in streaming and sports betting as the cable-TV business declines. That includes Fox Nation and Tubi, the free streaming service that Fox acquired last year.
- Ad sales rose 38% in the quarter as marketers resume spending after pulling back at the height of the pandemic-driven recession in 2020. The company also credited the growth of Tubi and the return of live sports that were postponed last year for the higher advertising revenue.
- Affiliate revenues rose 10%, driven by rate increases as part of new agreements that Fox made with its pay-TV distributors.
- Fox shares are up about 20% so far this year, compared with a 17% gain in the S&P 500. Fox’s A shares were unchanged at$34.91 as of 4:11 p.m. in New York.
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- See analysts’ estimates.
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