By Scott Kanowsky
Investing.com -- Fox Corp (NASDAQ:FOXA) has reported second-quarter earnings that beat analysts' estimates and unveiled an additional round of share buybacks, as major sports events and November's midterm elections in the U.S. helped boost advertising at the media company.
Adjusted net income attributable to shareholders more than tripled to $259 million, or $0.48 per share, in the three months to the end of December compared to the same period in the prior year. Bloomberg consensus expectations had placed the figure at $0.47 a share.
Total revenues also increased by 3.7% to $4.61 billion, topping forecasts of $4.57B.
The New York-based group behind the Fox News cable news channel posted a 4% climb in quarterly advertising revenue. Fox said the uptick partly reflected the impact of the Fifa World Cup soccer tournament in November and December, strong results from National Football League programming, and higher spending on political ads ahead of the midterms.
“A compelling fall sports schedule, combined with an active midterm political news cycle, showcased the power and relevance of the FOX platform in our fiscal second quarter. Whether measured in terms of engagement, monetization or profitability, our focused strategy of live news and sports programming, coupled with our growing digital initiatives, continues to deliver," said Lachlan Murdoch, Fox's chief executive officer and the eldest son of the company's chair Rupert Murdoch, in a statement.
Meanwhile, Fox announced that its board had authorized the incremental repurchase of an added $3B in shares, bringing its total buyback program up to $7B. Lachlan Murdoch said the move reflects the "quality of [Fox's] assets and the strength of [its] financial position."
Shares in Fox spiked in early U.S. trading on Wednesday.