Political Ads Drive Fox Revenue to 11% Increase [Yahoo! Finance]
Fox Corporation - Class B (FOX)
Last fox corporation - class b earnings: 5/10 04:03 pm
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Source: Yahoo! Finance
This boost was largely due to higher-than-usual political advertising ahead of the 2024 election. Advertising revenues increased 11% during this time due to increased political advertisements, continued growth at Tubi and FOX Sports' “Summer of Soccer.” This report comes a day before the historic election, an event that will likely continue to have a major impact on the news network. Here are the top-line results: Net income: $832 million, compared to $415 million a year ago. Revenue : $3.56 billion, an increase of roughly 11% compared to $3.21 billion in the prior-year quarter. Analysts from Zack's Investment Research estimated revenue of $3.37 billion. Adjusted Earnings Per Share : $1.45 per diluted share vs. $1.12 estimated by Zacks Analysts. During this quarter, affiliate fee revenues increased by 6% overall. This was driven by 10% growth in the TV segment as well as 3% growth in the cable network programming segment. Other revenues increased 47%, largely due to higher
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