Fox Corp. Hits Quarterly Target Despite Advertising Dip

Fox Corp. revenue stayed flat in the quarter ending June 30 compared with the year-earlier period, but it matched Wall Street analysts’ consensus estimate as earnings beat expectations.

Earnings came in at 74 cents a share in the quarter ending June 30, topping analysts’ target of 72 cents and rising from 55 cents in the year-ago period. The revenue figure stayed flat with the 2022 quarter.

Affiliate fee revenue climbed 3% from a year ago, paced by a 9% upswing in the Television division. Advertising revenue fell 4%, with gains for streaming service Tubi being offset by the absence of political spending at the company’s local stations compared with the midterm cycle of 2022. The company also cited the impact of elevated supply in the direct response marketplace at Fox News Media.

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With its heavy concentration of assets inside the pay-TV bundle as well as in ad-supported streaming, Fox is viewed as a bellwether in the video advertising business. Thus far during this earnings season, media companies have reported mixed success in equaling last year’s upfront ad levels as they contend with a choppy economy and tough comparisons with the election-aided 2022.

The company agreed to pay $787.5 million in April to settle a lawsuit brought by Dominion Voting Systems. While the number took some Wall Street analysts by surprise, it is also tax deductible, Deadline confirmed at the time. The company faces additional legal action over Fox News coverage of the 2020 election and its airing of claims of fraud which have never been substantiated.

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