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Fox Beats Wall Street Projections for Q4 Earnings as Tubi Drives Ad Revenue Increases

Ad revenue jumped 38% in the quarter

Fox reported surpassed revenue and earnings expectations from Wall Street on Thursday.

For the quarter ending June 30, 2021 (which represents Fox’s fiscal fourth quarter of 2021), Fox reported revenue of $2.89 billion and an adjusted earnings per share of 65 cents.

Analysts forecasted an EPS of 57 cents and $2.75 billion in revenue, according to a consensus compiled by Yahoo Finance. For the full fiscal year of 2021, Fox reported $12.91 billion revenue and an EPS of $3.61.

Total quarterly revenues increased 20% to $2.89 billion with strong growth across all revenue categories. Affiliate revenues increased 10% with 16% growth at the Television segment and 6% growth at the Cable Network Programming segment. Advertising revenues increased 38%, reflecting 51% growth at the Television segment and 17% growth at the Cable Network Programming segment. Other revenues increased by $56 million or 30%.

Company executives largely credited Tubi, it’s free ad-supported streaming service, and the continued return of live sports, for the higher advertising revenue.

“Our exceptional Fiscal 2021 financial results highlight the strength of our distinct strategy and serve as a
foundation for sustained operating momentum,” said Fox CEO Lachlan Murdoch. Despite the challenges presented by COVID, our businesses continued to inform and entertain households across the country. And in the midst of it all, we strengthened our core brands and expanded our digital capabilities, which together provide a robust platform for future growth. We look forward to the year ahead, anticipating the return of normalized sports and entertainment
calendars and the start of the midterm election cycle. FOX’s core live event programming, coupled with its
growing digital businesses, will continue to deliver audiences on an unmatched scale for our advertising and
distribution partners.”