Fox Corporation has experienced a decline in profits during the second quarter due to a decrease in advertising revenue. The company reported a 20 percent drop in advertising revenue, amounting to $2 billion. Despite the significant fall, Fox managed to meet Wall Street's expectations for the quarter. The decline in ad revenue was attributed to lower ratings and a reduction in political advertising. However, in pre-market trading, Fox Corp's shares saw an increase of 4.7 percent as the company beat quarterly revenue estimates.
$FOXA (+4.7% pre) Fox Corp Beats Quarterly Revenue Estimates - US News https://t.co/SijuLHtnJ6
Fox's ad revenue took a 20% tumble last quarter due to lower ratings and a dip in political advertising. https://t.co/4YistYjJgr
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Fox Advertising Revenue Down 20 Percent to $2B, But Company Hits Wall Street Expectations https://t.co/ZDl905Ugvw