Fox Q2 Sales Up 8% on Ads; Stock Down Amid Some Challenges
Fox reported fiscal Q2 profit of $230 million vs. $314 million from the year-ago quarter, though revenue increased 8% to $4.09 billion. Fox's quarter ended Dec. 31. That increase was “driven by revenue growth at the Television and Cable Network…
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Programming segments,” Fox said Tuesday. Fox TV Stations, Fox News Media and Tubi “experienced record highs in the December quarter, led by an unprecedented political advertising cycle,” digital growth and new advertisers at Tubi, said CEO Lachlan Murdoch. “We are looking forward to a return to normal entertainment and sports production schedules.” Ad revenue increased 14%, “primarily due to record political advertising revenues at the FOX Television Stations, continued linear and digital growth at FOX News Media and the impact of the consolidation of Tubi,” the company said. Fox had a 14% decrease in some other revenue, “primarily due to lower sports sublicensing revenues at the Cable Network Programming segment as a result of cancelled college football games” due to COVID-19, the release said. The pandemic “resulted in widespread and continuing negative impacts on the macroeconomic environment and disruption to the Company’s business,” it said. The stock closed down 6% to $30.73.