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Fox Corporation's quarterly results came in ahead of Wall Street expectations despite the unprecedented economic fallout from the coronavirus.
And looking ahead, Executive Chairman and CEO Lachlan Murdoch assured investors the media company is well-positioned to handle the economic pressures from the global pandemic.
"Fox is in a strong position to deal with the impact of this pandemic, our strength was clearly demonstrated in the quarter," Murdoch said Wednesday during the earnings conference call.
Results were driven by the "multi-pronged" strength of the company's brands as well as the blockbuster performance of Super Bowl LIV broadcast on FOX.
He also signaled the company is performing well in the current quarter's early days. "The strength of Fox has also been on display in the week since the end of the quarter as we navigate these unprecedented times to continue to provide our services to communities across the country" he noted.
|FOXA||FOX CORP. A||26.78||-1.18||-4.22%|
Revenue in the fiscal quarter jumped 25 percent to $3.44 billion compared to $2.75 billion in the year prior. Quarterly net income attributable to Fox Corporation stockholders decreased to $78 million or $0.13 per share compared to $529 million $0.85 per share. Excluding special items, earnings were $0.93 per share ahead of $0.71 per share analysts were expecting.
Shares of Fox rose in the extended session on Wednesday but have declined over 33 percent this year compared to a 13 percent drop for the S&P 500.
Murdoch also took a moment to acknowledge the sacrifices of those workers on the front lines during these "extraordinary times".
"We owe deep gratitude to the nurses, doctors, police, teachers, age care workers, volunteers and countless other frontline workers for their incredible and brave sacrifices," he said.
Fox Corp. is the parent of FOX Business and Fox News.