Fox profit beats estimates as lower costs help offset ad revenue weakness [Reuters]
Fox Corporation - Class B (FOX)
Last fox corporation - class b earnings: 5/10 04:03 pm
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Source: Reuters
May 8 (Reuters) - Fox Corp beat Wall Street estimates for third-quarter profit on Wednesday, due to lower expenses, even as its revenue tumbled more than 15% on weakness in its advertising business. The media company benefited from a near 25% fall in operating expenses in the quarter. That helped it report an adjusted profit of $1.09 per share, compared with LSEG estimates of 96 cents. Shares of the company behind the Fox sports network and Fox News were up 1.3% in early trading. Fox also posted a net income of $666 million, compared with a loss of $54 million a year earlier, thanks to the absence of charges tied to its settlement last year with Dominion Voting Systems. The company's ad revenue fell by more than a third in the first three months of the year as Fox grappled with the lack of a Super Bowl broadcast and fewer National Football League games. Media companies have seen a decline in ad dollars in the past year as an uncertain economic environment pressured spending
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