Fox Shares Drop 5% Despite Q2 Beat

Fox Corporation (NASDAQ:FOX) shares fell more than 5% intra-day today despite the company reporting earnings and revenue for the second quarter that exceeded expectations.

The company achieved an earnings per share (EPS) of $0.34, beating the forecast of $0.12. Fox's revenue for the quarter reached $4.23 billion, narrowly surpassing the $4.21 billion consensus estimate.

Revenue from cable network programming was $1.66 billion, exceeding the $1.59 billion expectation. TV revenue, however, slightly missed the mark at $2.54 billion compared to the expected $2.6 billion.

Advertising revenue amounted to $2.00 billion, not meeting the $2.1 billion forecast. On the other hand, affiliate fee revenue outperformed projections, reporting $1.79 billion against the anticipated $1.74 billion.