Why Is Fox (FOXA) Up 5% Since Last Earnings Report?

Core Viewpoint - Fox Corporation reported a mixed performance in its fourth-quarter fiscal 2024 earnings, with adjusted earnings per share beating estimates but revenues slightly missing consensus expectations [2][3]. Financial Performance - Adjusted earnings per share for Q4 fiscal 2024 were 90 cents, exceeding the Zacks Consensus Estimate by 8.43% and reflecting a year-over-year increase of 2.3% [2]. - Total revenues for the quarter were $3.09 billion, a 2$1.86 billion, primarily driven by a 9% growth in the Television segment [2]. - Advertising revenues, accounting for 32.6% of total revenues, decreased by 0.1% year-over-year to $1 billion, largely due to the absence of major events like the Super Bowl and FIFA Men's World Cup [2]. - Other revenues, making up 7.3$226 million [2]. Segment Performance - Cable Network Programming revenues increased by 2% year-over-year to $1.44 billion, with advertising revenues and affiliate fees rising by 2.5$1.6 billion, with affiliate fees increasing by 9% year-over-year, while advertising revenues declined by 1.3% [3]. Operating Metrics - Operating expenses rose by 0.3% year-over-year to $1.78 billion, with operating expenses as a percentage of revenues contracting by 90 basis points to 57.7$773 million, with an adjusted EBITDA margin expanding by 80 basis points to 25% [4]. - Cable Network Programming EBITDA rose by 20.2% year-over-year to $703 million, while Television reported an adjusted EBITDA of$148 million, down 34.8% year-over-year [4]. Balance Sheet - As of June 30, 2024, Fox had $4.32 billion in cash and cash equivalents, up from$3.79 billion as of March 31, 2024 [5]. - Long-term debt stood at $7.2 billion as of June 30, 2024 [5]. Market Outlook - Estimates for Fox have trended downward, with a consensus estimate shift of -12.6$968.18 million for the quarter ended June 2024, reflecting a year-over-year change of +14.3% [10].