While FOX Corp. saw a decline in advertising revenue during its third fiscal quarter, profits were way up compared to the same timeframe in 2023.
Advertising slumped to $1.24 billion during the quarter compared to $1.88 billion in the prior year. However, most of that can be attributed to the network company being the home of the Super Bowl in 2023, as well as slightly fewer NFL broadcasts during last season.
Despite the advertising drop, the company saw a net income of $704 million during the quarter, compared to a $50 million loss it saw last year. In April 2023, Fox News settled a defamation lawsuit brought by Dominion Voting Systems for $787.5 million, leading to the loss in income.
“FOX’s fiscal third-quarter results once again demonstrate how our unique strategy continues to distinguish FOX from our peers,” said CEO Lachlan Murdoch.
“The strength and leadership of our core brands, coupled with our focus on live content and must-have event programming, is clearly valued by our audiences, advertisers, and distribution partners. The consistent financial delivery from this strategy supports our investments in innovation which are driving momentum in our digital portfolio, led by Tubi. Our balanced capital allocation approach, fortified by our strong balance sheet, underpins our ability to drive long-term value creation for our shareholders.”
