Fox said Tuesday revenue dropped 3.8% to $2.42 billion from a year earlier, hurt by advertising revenue which fell 7.6%. Affiliate revenues rose slightly due to contractual price increases, especially from distribution-agreement renewals, however, net subscribers declined. Revenue pulled slightly ahead of analysts’ expectations of $2.39 billion, according to FactSet.
Cable-network programming revenue fell 2.2% to $1.27 billion in the quarter, mainly as a result of lower advertising revenues from live sporting events. However, the company recorded higher advertising revenues at Fox News. Television revenue declined 6% from a year ago to $1.11 billion.
Fox posted a profit of $122 million, or 20 cents a share, for the quarter ended June 30, down from $454 million, or 73 cents a share, in the year-earlier period. Excluding special items, earnings were 62 cents a share. Analysts projected adjusted earnings of 58 cents a share.
The company, whose businesses include Fox News, the Fox Broadcast Network, Fox Sports and local television stations, was spun off from 21st Century Fox and began trading as a separate public company in March of last year.
Fox is the parent of FOX Business and Fox News, while Fox and The Wall Street Journal parent News Corp share common ownership.
Write to Kimberly Chin at firstname.lastname@example.org
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved.