Fox Q3 Results Top Estimates

RTTNews | 719 days ago
Fox Q3 Results Top Estimates

(RTTNews) - Fox Corp. (FOXA, FOX) on Tuesday reported a net loss for the third quarter compared to a profit last year, primarily reflecting charges associated with legal settlement costs at FOX News Media. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also authorized a $7 billion stock repurchase program.

In pre-market trading on the Nasdaq, Fox shares are up $1.93 or 6.00 percent to $34.10.

"Our fiscal third quarter once again demonstrated the effectiveness of FOX's strategy to leverage the power of compelling live events to deliver for our viewers, advertisers, and distributors at scale," said Lachlan Murdoch, Executive Chair and CEO.

"During the quarter, the largest audience in U.S. television history gathered to watch FOX Sports' broadcast of Super Bowl LVII, underpinning our delivery of double-digit revenue growth, and providing a promotional gateway to FOX's entertainment and news brands," added Murdoch.

For the third quarter, the company reported a net loss attributable to Fox stockholders of $54 million or $0.10 per share, compared to net income of $283 million or $0.50 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $0.94, compared to $0.81 per share in the prior-year quarter.

On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 18 percent to $4.08 billion from $3.46 billion in the same quarter last year, as advertising revenues increased 43 percent, primarily reflecting the impact of Super Bowl LVII, a higher volume of NFL games and continued growth at Tubi. Analysts had a consensus revenue estimate of $4.03 billion for the quarter.

Affiliate fee revenue increased 3 percent to $1.86 billion from last year and Advertising revenue grew 43 to $1.88 billion from last year.

Revenue for Cable Network Programming edged down to $1.57 billion from $1.58 billion last year, while revenue for Television grew 36 percent to $2.48 billion from last year.

The Company also authorized a $7 billion stock repurchase program.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

read more
Disney's ESPN, FOX, Warner Bros. Discovery To Launch Streaming Sports Service

Disney's ESPN, FOX, Warner Bros. Discovery To Launch Streaming Sports Service

Media companies ESPN, a subsidiary of Walt Disney Co., along with FOX and Warner Bros. Discovery are joining together to launch a streaming sports service in the United States in the fall of 2024. The companies have reached an understanding on principal terms to form a new joint venture to provide sports content all in one place outside of the traditional bundle.
RTTNews | 446 days ago
Nexstar Media And Fox Renew Multi-Year Agreement

Nexstar Media And Fox Renew Multi-Year Agreement

Nexstar Media Group, Inc. (NXST), and Fox Corp. (FOXA, FOX) announced Tuesday that they have reached a comprehensive multi-year agreement renewing the FOX affiliations of 29 Nexstar-owned stations across the U.S., including those in six of the country's top twenty markets.
RTTNews | 601 days ago
European Shares Edge Higher In Cautious Trade

European Shares Edge Higher In Cautious Trade

European stocks traded higher on Monday as tariff tensions eased and investors looked ahead to a busy week of earnings, with four of the Magnificent Seven companies— Amazon, Apple, Meta Platforms and Microsoft — due to report their quarterly results.
RTTNews | 14 minutes ago
European Shares Seen Opening Up In Cautious Trade

European Shares Seen Opening Up In Cautious Trade

European stocks are likely to open on a steady note Monday after U.S. stocks posted their longest advance in three months on Friday amid signs of easing trade tensions and bets the Federal Reserve will cut interest rates as early as June, as the American economy softens.
RTTNews | 3h 38min ago
Sensex, Nifty Follow Global Peers Higher

Sensex, Nifty Follow Global Peers Higher

Indian shares were trading higher on Monday, tracking firm cues from global markets. The benchmark S&P/BSE was up 548 points, or 0.7 percent, at 79,760 despite rising tensions between India and Pakistan, triggered by the Pahalgam terror attack.
RTTNews | 4h 54min ago
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market trading on Monday, adding to the gains in the previous two sessions, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well above the 8,000.00 mark, with gains technology, energy and financial stocks partially offset by weakness in mining stocks.
RTTNews | 5h 52min ago
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, on easing global trade tensions amid ongoing tariff talks between the US and some of its partner countries, including China and Japan. There are also hopes for additional stimulus measures in China aimed at offsetting the impact of US tariffs.
RTTNews | 6h 8min ago