In the recently ended quarter, Fox Corp.'s sales increased by 5%, as the advertising market showed signs of strength despite macroeconomic worries.
Revenues for the three months ended June 30 were $3.03bn, a decline from Wall Street expectations of $3.05bn. A year ago, Fox had revenue of $2.89 billion.
Advertising revenue increased by 7%, due to stronger pricing and higher ratings at Fox News Media, higher political advertising revenue at Fox Television Stations and continued growth at Tubi's ad-supported streaming service.
Affiliate revenue went up 2% due to contractual price increases.
The segment's earnings fell as higher revenue was more than offset by rising digital investment and higher costs at Fox News Media, including those associated with breaking news coverage.
Fox's television business posted 5% growth in revenue as affiliate fee revenue rose 7%, boosted by higher average rates at owned and operated TV stations and higher fees from third-party Fox affiliates. Advertising revenue rose 4% due to higher political advertising revenues at Fox Television Stations, growth at Tubi and the addition of the United States Football League at Fox Sports, partially offset by lower ratings at Fox Entertainment.
Earnings for the segment went up 53% as expenses remained largely unchanged.
In the fourth quarter, Fox posted a profit of $306 million, or 55 cents a share, compared with $253 million, or 43 cents a share, a year earlier. Earnings were down 74 cents a share, a penny short of Wall Street expectations, despite the fact that adjusted earnings came to 74 cents a share.
The shares fell by 1% in premarket trading to $31.09. The stock is down almost 9% this year, surpassing the S&P 500's nearly 14% decline over the same period last year.