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Fox Corp beats quarterly profit estimates on higher affiliate fees

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작성자 Fran
댓글 0건 조회 9회 작성일 22-08-28 23:17

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NEW YORK, Aug 7 (Reuters) - Media company Fox Corp reported quarterly results that beat Wall Street estimates on Wednesday, boosted by higher fees collected from cable and satellite operators and online distributors.

The company said its adjusted profit for the quarter was 62 cents per share, beating analysts' estimates by 3 cents, according to IBES data from Refinitiv.

Revenue, which rose nearly 5% to $2.51 billion in the quarter, also beat Wall Street expectations of $2.47 billion.

Rupert Murdoch's newly spun-off Fox Corp debuted on the Nasdaq in March following the $71 billion sale of Twenty-First Century Fox's film and television assets to Walt Disney Co .

It emerged a leaner, more nimble company seeking to build on its concentration of live news and sports, including FIFA World Cup Wrestling Entertainment Inc and Super Bowl LIV next February.

Overall revenue growth in Fox's fiscal fourth quarter was largely driven by a 7.4% increase in affiliate revenues, or the fees collected from cable and FIFA World Cup satellite operators and online distributors, to $1.

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