Fox Corporation (NASDAQ:FOX) (NASDAQ:FOXA) posted better-than-expected second-quarter financial results on Wednesday.
Fox reported second-quarter 2023 revenues of $4.23 billion, down from $4.61 billion a year ago, almost in line with the consensus of $4.21 billion. Adjusted net income was $165 million (34 cents per share), beating the consensus of 11 cents per share, down from $259 million (48 cents per share) a year ago, according to data from Benzinga Pro.
Affiliate fee revenues increased by 4%, driven by 10% growth in the Television segment.
“At the halfway point in our fiscal year, our results demonstrate the strength and durability of our core brands and their ability to deliver solid audiences across our portfolio. FOX Sports continues to benefit from the power of live sports programming, and FOX News has maintained its leadership in cable news, while Tubi has been resilient in an increasingly competitive market,” said Executive Chair and CEO Lachlan Murdoch.
Fox shares fell 6.5% to close at $27.44 on Wednesday.
These analysts made changes to their price targets on Fox after the company reported quarterly results.
- Wells Fargo cut the price target on Fox from $30 to $28. Wells Fargo analyst Steven Cahall maintained an Underweight
- rating.
- Macquarie boosted the price target on Fox from $29 to $30. Macquarie analyst Tim Nollen maintained a Neutral rating.
Read This Next: ConocoPhillips, Disney And 3 Stocks To Watch Heading Into Thursday
