Fox Q3 Results Top Estimates

RTTNews | 699 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 | 426 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 | 580 days ago
Asian Markets Trade Mostly Higher

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, following the mixed cues from Wall Street overnight, as traders are optimistic after the US said almost 70 countries have contacted them to begin negotiations on tariffs after the US slapped steeper-than-expected reciprocal tariffs on its trading partners. Some traders are also picking up stocks at a huge bargain after recent sell-off.
RTTNews | 4h 3min ago
Thai Stock Market May Extend Losing Streak

Thai Stock Market May Extend Losing Streak

Ahead of Monday's holiday for Chakri Day, the Thai stock market had moved lower in two straight sessions, sinking almost 50 points or 4.2 percent in that span. The Stock Exchange of Thailand now sits just above the 1,125-point plateau and it's looking at another soft start again on Tuesday as it catches up on missed sentiment.
RTTNews | 5h 15min ago
Japanese Market Sharply Higher; Up 6%

Japanese Market Sharply Higher; Up 6%

The Japanese stock market is skyrocketing on Tuesday, snapping a three-session losing streak, following the mixed cues from Wall Street overnight, with the Nikkei 225 soaring more than 6 percent to above the 33,000 mark, with string gains across all sectors led by index heavyweights and financial stocks.
RTTNews | 5h 44min ago
Heavy Losses Anticipated For Indonesia Shares

Heavy Losses Anticipated For Indonesia Shares

Ahead of the long break for Eid-ul-Fitr, the Indonesia stock market had moved higher in three straight sessions, advancing almost 350 points or 5 percent along the way. The Jakarta Composite Index now sits just above the 6,510-point plateau, although it's expected to open sharply lower on Tuesday as it catches up on missed sentiment.
RTTNews | 5h 45min ago
Oversold Hang Seng Expected To Find Support On Tuesday

Oversold Hang Seng Expected To Find Support On Tuesday

The Hong Kong stock market has moved lower in three sessions, dropping more than 3,380 points or 14.8 percent along the way. The Hang Seng Index now sits just beneath the 19,830-point plateau although it figures to bounce higher on Tuesday.
RTTNews | 6h 0min ago