Fox Corporation reported a significant turnaround in its Q3 financial results, achieving a net income of $704 million, up from a $50 million loss in the same quarter the previous year, which was impacted by the Fox News-Dominion settlement. Despite a 33% decline in advertising revenue to $1.2 billion, overall revenue fell by 15% year-over-year to $3.4 billion. The company attributed its profitability to a robust $1.9 billion in affiliate fee revenue and reduced costs. Fox's streaming service Tubi was highlighted as a key factor in the company's performance, with CEO Lachlan Murdoch emphasizing its role in compensating for the ad revenue dip and its leadership in the free TV and movie streaming sector in the US.
Fox profit beats estimates as lower costs help offset ad revenue weakness https://t.co/f1GlsTXohC https://t.co/5T1s5C3k3Q
Fox Chief Lachlan Murdoch on Tubi growth: "Our expansive content library and our differentiated user base have solidified Tubi’s position as the most watched free TV and movie streaming service in the US, with 1.6% of total TV viewing, ahead of Peacock, Max, The Roku Channel,…
Fox Corp. Chief Lachlan Murdoch says not having a subscription streaming service won't be a disadvantage to landing big sports rights. Leagues, he says, need the reach of a broadcast network.
Message from Fox Corp earnings call: TUBI TUBI TUBI TUBI
Fox Corp reports Q3 revenue down 15% YoY to $3.4B, ad revenue down 33% YoY to $1.2B, a $704M net income, up from a $50M loss YoY, $1.9B affiliate fee revenue (@alexweprin / The Hollywood Reporter) https://t.co/oOYqb1cxZx https://t.co/8xMj7uaPs3
Fox Sees Ad Dip But Profit Soars From Year Earlier Quarter Hit By Fox News-Dominion Settlement https://t.co/u5HNTpREVL
Fox Corporation Ad Revenue Slips to $1.2 Billion, but Q3 Earnings Still Beat Wall Street Expectations https://t.co/gwT5d2IhLw
Fox Ad Revenue Slips to $1.2B, But Profit Rises to $704M https://t.co/n82qHb3oGY
Fox Swings to Q3 Profit Despite Slump in Ad Revenue https://t.co/bQ6mQBcaz2