Fox Corporation recently released its financial results for the first quarter of this fiscal year, reporting quarterly revenues of $3.46 billion, a 7% increase from the $3.22 billion reported in the prior year. “FOX’s third quarter results again demonstrate our capacity to deliver sustained and consistently strong revenue growth," Executive Chair and Chief Executive Officer Lachlan Murdoch said. "Our 7% topline growth in the quarter was propelled by pricing strength in both distribution and advertising revenues across our leadership brands, complemented by the powerful momentum we continue to see at Tubi. In the three years since the formation of FOX we have seen rapid industry change."
According to the report, affiliate revenues increased 5% with 8% growth at the Television segment and 3% growth at the Cable Network Programming segment. Advertising revenues increased 9%, primarily due to stronger pricing and higher ratings at FOX News Media and continued growth at Tubi. Other revenues increased 18%, driven by the timing of sports sublicensing revenues at the Cable Network Programming segment, which were affected by the suspensions and delays of Covid-19 in the prior year quarter, and the impact of the consolidation of entertainment production companies at the Television segment.
The company also reported quarterly net income of $290 million as compared to the $582 million reported in the prior year quarter, while net Income attributable to Fox Corporation stockholders was $283 million ($0.50 per share) as compared to the $567 million, the equivalent of $0.96 per share, reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $459 million ($0.81 per share) as compared to the $523 million ($0.88 per share) reported in the prior year quarter.
Its quarterly Adjusted EBITDA2 was $811 million, compared to the $899 million recorded in the prior year quarter, as the revenue increases noted above were more than offset by higher expenses. The increase in expenses primarily reflects increased digital investment, higher sports programming rights amortization and production costs, and the write-down of certain scripted
entertainment programming."Our focused portfolio and clear strategy underpin our success today and continue to distinguish FOX from its peers," Murdoch said. "The power of our brands and the scaled audiences that they serve continue to provide a uniquely strong platform to strategically manage our businesses for long-term growth in a thoughtful and disciplined manner.”