Fox Revenue Remains Flat Amid Soft Ad Market
Lower advertising revenue offset higher affiliate fees While Fox Corp. revenue for the quarter was flat at $3.03 billion, it was in line with analysts’ expectations.. Photo: MIKE SEGAR/REUTERS By Will Feuer Updated Aug. 8, 2023 8:34 am ET Fox Corp.’s revenue remained flat in the recently ended quarter, as the soft advertising market weighed on growth. The company said revenue for the three months ended June 30 was flat at $3.03 billion, in line with analysts’ expectations. Higher revenue from affiliate fees was offset by a 4% decrease in advertising revenues and lower political advertising for Fox TV stations compared with the same period last year.
While Fox Corp. revenue for the quarter was flat at $3.03 billion, it was in line with analysts’ expectations..
Photo: MIKE SEGAR/REUTERS
Fox Corp.’s revenue remained flat in the recently ended quarter, as the soft advertising market weighed on growth.
The company said revenue for the three months ended June 30 was flat at $3.03 billion, in line with analysts’ expectations. Higher revenue from affiliate fees was offset by a 4% decrease in advertising revenues and lower political advertising for Fox TV stations compared with the same period last year.
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The Fox News parent company posted quarterly earnings of $375 million, or 74 cents a share, compared with a profit of $306 million, or 55 cents a share, a year earlier.
Stripping out one-time items, Fox Corp. reported an adjusted profit of 88 cents a share, topping the 71 cents a share that analysts expected. The company also raised its semiannual dividend by a penny to 26 cents a share.
Fox Corp. and Wall Street Journal parent company News Corp share common ownership.
In Fox’s cable-network programming business, which houses the Fox Business Network and Fox Sports 1 channel as well as Fox News, revenue fell about 3% as sales from advertising and affiliate fees declined.
Fox’s television business posted 4% growth in revenue, as a 9% increase in affiliate fees offset a drop in advertising.
Fox, like its peers, is battling continuing cord cutting, which is weighing on cable TV as a whole.
The company was hit earlier this year with a big charge tied to its settlement of Dominion Voting Systems’ defamation lawsuit for $787.5 million. Since then, the departure of Fox News former prime-time host Tucker Carlson has weighed on ratings and helped fuel viewership at rival Newsmax.
Write to Will Feuer at [email protected]
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