Fox Lost $85 Million Last Quarter Despite Jump in Revenue

Fox Corp. reported fiscal third-quarter results on Tuesday with revenue rising 7% to $3.46 billion, driven by advertising strength at its Fox News Channel and local television stations across the country.

The home to Fox broadcast network, Fox News, Fox Sports and Tubi reported net income of $283 million, or 50 cents per share, on revenue of $3.46 billion for the quarter ending March 31. Excluding items, Fox reported a profit of .81 cents per share.

Wall Street analysts had been projecting Fox would post a profit of 88 cents per share on $3.39 billion of revenue. During the same quarter last year, Fox reported an adjusted profit of 88 cents a share on revenue of $3.22 billion.

In a statement, Fox executive chairman and chief executive officer Lachlan Murdoch said: “Fox’s third quarter results again demonstrate our capacity to deliver sustained and consistently strong revenue growth. Our 7% topline growth in the quarter was propelled by pricing strength in both distribution and advertising revenues across our leadership brands, complemented by the powerful momentum we continue to see at Tubi. In the three years since the formation of Fox we have seen rapid industry change. Our focused portfolio and clear strategy underpin our success today and continue to distinguish Fox from its peers. The power of our brands and the scaled audiences that they serve continue to provide a uniquely strong platform to strategically manage our businesses for long-term growth in a thoughtful and disciplined manner.”

Fox Beats Q1 2022 Earnings Expectations Thanks to Tubi Growth and a Normal Fall TV Start

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