Fox Corp. Sees Q1 Profit Dip as Advertising Declines
variety.comBrian Steinberg Senior TV Editor Sports wasn’t enough to help Fox Corp. get to its goals. The owner of Fox News Channel and the Fox broadcast network said profit fell in its first fiscal quarter as robust results generated by its showing of the FIFA Women’s World Cup were offset by declines in its cable operations, where subscribers and advertising revenue fell.
In all, Fox Corp. reported net income of $407 million, or 82 cents per share, compared with $605 million. Earnings, adjusted for non-recurring costs, were $1.10 per share.
In a statement, Fox Corp. CEO Lachlan Murdoch cited the company’s sports portfolio and activity at Tubi, its ad-supported streaming hub, as bright spots during the period.
To be sure, Fox’s first-quarter revenue rose to$3.21 billion, compared with $3.19 billion in the year-earlier period. But the company said ad revenues for the period were off 2% due to lower political advertising at its local TV stations and the pressures of a higher-supply of direct-response advertising at its Fox News properties.
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