Fox Q3 Results Top Estimates

RTTNews | 728日前
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 | 454日前
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 | 609日前
Canadian Stocks Marginally Down In Cautious Trade

Canadian Stocks Marginally Down In Cautious Trade

Canadian stocks are turning in a mixed performance on Tuesday with investors largely refraining from making significant moves amid lingering concerns about tariffs and some weak earnings updates.
RTTNews | 2時4分前
Swiss Market Ends Flat After Choppy Session

Swiss Market Ends Flat After Choppy Session

The Switzerland market closed slightly weak after a choppy ride on Tuesday as investors mostly stayed cautious, looking for fresh triggers. The Federal Reserve and the Bank of England are scheduled to announce their rate decisions on Wednesday and Thursday, respectively.
RTTNews | 2時34分前
European Stocks Close Broadly Lower Ahead Of Key Policy Announcements

European Stocks Close Broadly Lower Ahead Of Key Policy Announcements

European stocks closed broadly lower on Tuesday with investors largely staying cautious, following political and geopolitical developments, digesting economic and earnings updates, and awaiting the monetary policy announcements from the Federal Reserve and the Bank of England, due later in the week.
RTTNews | 2時50分前
UK Car Sales Drop 10.4% In April As Higher Taxes Hurt - SMMT

UK Car Sales Drop 10.4% In April As Higher Taxes Hurt - SMMT

New car registrations in the U.K. decreased in April mainly due to customers making purchases early to avoid higher taxes that came into effect at the start of the month, though electric car sales continued to increase, monthly data from the Society of Motor Manufacturers and Traders showed on Tuesday.
RTTNews | 4時49分前
U.S. Trade Deficit Spikes To Record High In March As Import Surge

U.S. Trade Deficit Spikes To Record High In March As Import Surge

The U.S. trade deficit spiked by much more than expected in the month of March, according to a report released by the Commerce Department on Tuesday. The report said the trade deficit soared to a record high $140.5 billion in March from a revised $123.2 billion in February.
RTTNews | 5時35分前
Eurozone Private Sector Growth Eases On Weaker Demand

Eurozone Private Sector Growth Eases On Weaker Demand

Euro area private sector growth weakened in April as soft demand conditions limited the speed of expansion and weighed on sentiment, final results of the purchasing managers' survey by S&P Global showed on Tuesday. The HCOB final composite output index fell to 50.4 in April from 50.9 in March, but the reading suggested growth for the fourth straight month.
RTTNews | 6時38分前