Fox Corporation beat Wall Street expectations on Thursday after reporting a net income of $415 million on revenue of $3.21 billion for its first fiscal quarter of 2024 as CEO Lachlan Murdoch touted an “active news cycle and robust sports schedule,” up from the $3.19 billion in revenue reported in the prior year quarter.
That translated to 82 cents per share of earnings attributable to Fox shareholders, or $1.21 per share on an adjusted basis.
The company reported an advertising revenue dip of 2% from the prior year quarter at $290 million, pointing to the “continued impact of elevated supply in the direct response marketplace and lower ratings” while noting this was partially offset by higher national pricing at Fox News Media and the broadcast of the Women’s World Cup.