Twenty-First Century Fox Inc. reported earnings for the fiscal quarter ending the 30th of September 2019, on Wednesday.
FOX managed to deliver better-than-expected results due to the strong brand recognition and substantial diversification that the company has enjoyed these past months.
The entertainment giant reported Diluted Earnings Per Share of $0.83 vs $0.77 expected EPS.
On a year to year basis, the revenue of the company increased from $2.541 billion in 2018 to $2.667 billion in 2019.
Lachlan Murdoch, Executive Chairman and Chief Executive Officer of FOX, commented on the earnings report by saying that:
"Fox Corporation's first full fiscal year is off to a solid start. The company delivered strong financial results in the quarter and we are making tremendous progress on the operational goals and strategic initiatives that we outlined at our Investor Day in May. […] we have successfully renewed distribution agreements with many of our largest partners that reflect the strength of our brands. This progress gives us further confidence in the company's differentiated strategy and our ability to deliver long-term value for our shareholders."
As a result of the positive earnings report, the share price of the company surged by 5.56 per cent during Thursday’s trading session.
In doing so, the share price managed to breakout above the crucial resistance level at 34.34.
The company’s stock appears ready to form the first major bullish price correction since its initial public offering in March of this year.
FOX 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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