Fox Corp. produced a mixed bag of financial results in the fiscal third quarter, with revenue above Wall Street expectations but falling revenue.
The media company reported total revenue of $ 3.46 billion for the period ended March 31, up 7% from the same quarter a year earlier. Analysts had expected $ 3.39 billion. Earnings were 81 cents per share, above a forecast of 88 cents.
Shares of Fox, which had already fallen in 2022, were down 5% in pre-market trading.
The company said revenues from its subsidiary as a whole grew 5%, with an 8% increase in the TV division and 3% in cable programming.
Advertising revenues grew 9%, due to the steady growth of Fox News Media and the streaming service Tubi.
The “other income” category jumped 18% from sports subsidies revenues in the cable division, which had previously faced Covid problems.
The TV unit’s revenue increased 7% to $ 1.82 billion. Ad revenue rose 6%, the improvement hit its momentum with chalk on Tubi, high prices on the Fox broadcast network, and the impact of week 17 of the NFL regular season. The additional NFL game helped make up for the lack of an NFL division playoff game in rotation this quarter, as well as what the company described as a “soft entertainment rating” on the broadcast network.
“Others” revenues increased 17% due to the impact of the consolidation of MarVista Entertainment, TMZ and Studio Ramsay Global.
EBITDA TV dropped from $ 35 million to $ 135 million a year ago, which the company attributed to higher costs. The cost burden was driven by higher investments in Tubes and higher depreciation costs and programming rights from Fox Sports, as well as a $ 30 million cancellation for Fox Entertainment for a “certain script show”.
“In the three years since Fox was founded, we have seen rapid changes in the industry,” said CEO Lachlan Murdoch. “Our focused portfolio and clear strategy build on our current success and continue to set Fox apart from its peers. The strength of our brands and the broad audiences they serve continue to create a unique and powerful platform for strategically managing our business in a thoughtful and disciplined way for long-term growth. “
! function (f, b, e, v, n, t, s) {if (f.fbq) return; n = f.fbq = function () {n.callMethod? n.callMethod.apply (n, arguments): n.queue.push (arguments)}; if (! f._fbq) f._fbq = n; n.push = n; n.loaded =! 0; n.version = ‘2.0’; no. queue = []; t = b.createElement (e); t.asinc =! 0; t.src = v; s = b.getElementsByTagName (e)[0]; s.parentNode.insertBefore (t, s)} (window, document, ‘script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq (‘initialization’, ‘422369225140645’); fbq (‘trace’, ‘PageView’);
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
