Media and entertainment company Fox Corporation (NASDAQ: FOXA, FOX) Wednesday reported financial results for the three months ended March 31, 2024.
- Third-quarter revenues decreased 15% to $3.45 billion from the $4.08 billion reported in the prior year’s quarter
- Ad revenues decreased 34%, due to the absence of the prior-year broadcast of Super Bowl LVII and fewer NFL games at FOX Sports.
- Affiliate fee revenues rose 4% to $1.94 billion, with a 9% growth in the Television segment and 1% growth in the Cable Network segment
- Q3 Other revenues were $274 million, compared to $352 million reported in the prior year quarter
- Fox reported a net income of $666 million for Q3, compared to a loss of $54 million last year
- On a per-share basis, Q3 earnings were $1.40, compared to a loss of $0.10 in the year-ago quarter
- Adjusted net income was $520 million or $1.09 per share in Q3, vs. $494 million or $0.94 per share in the year-ago quarter