Fox Corporation Shares Up 4% Since Q2 Results Announcement

Fox Corporation (NASDAQ:FOXA) shares gained more than 4% since the company’s reported Q2 results on Wednesday, with revenue of $4.61 billion (up 3.7% year-over-year) coming in better than the Street estimate of $4.58 billion, driven by higher contributions at TV and other revenue, partially offset by softer cable affiliate fees.

EPS was $0.48, in line with the Street estimates. Somewhat mixed financials were overshadowed by Fox’s long-awaited decision to flex its balance sheet strength via buybacks, which will take shape in the form of a $1 billion ASR (accelerated share repurchase) that takes 2023 buybacks to approximately $2.0 billion vs. Street expectations of $1.0 billion.