Fox Corp. (FOXA,FOX) said it has once again delivered revenue and adjusted EBITDA growth in the second quarter, while continuing to invest in digital growth initiatives. Adjusted EBITDA was up 2% to $310 million, led by higher contributions at the Cable Network Programming segment. Also, the company has authorized a $4 billion stock repurchase program.
Second-quarter adjusted net income attributable to stockholders of $77 million or $0.13 per share compared to $93 million or $0.16 per share, a year ago. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.03, for the quarter. Analysts' estimates typically exclude special items.
Fox Corp. posted a net loss attributable to stockholders of $85 million or $0.15 per share compared to net income of $224 million or $0.37 per share, last year. The company noted that the variance was primarily due to the change in fair value of its investments recognized in Other, net.
Total revenues were $4.44 billion, a 9% increase from $4.09 billion, prior year. Analysts on average had estimated $4.27 billion in revenue.
Cable Network Programming reported segment revenues of $1.64 billion, an increase of 10% from last year. Television reported segment revenues of $2.76 billion, an increase of 8%.
The company has declared a dividend of $0.24 per Class A and Class B share. This dividend is payable on March 30, 2022 with a record date for determining dividend entitlements of March 2, 2022.
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