Fox profit beats estimates as lower costs help offset ad revenue weakness [Yahoo! Finance]
Warner Bros. Discovery, Inc. - Series A (WBD)
Company Research
Source: Yahoo! Finance
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 at marketers. Fox reported total revenue of $3.45 billion for the period, compared with $4.08 billion a year earlier. The figure was in line with estimates. As part of its efforts to grow business
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- 5/9/24 - Miss
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Sec Filings
- 5/17/24 - Form 8-K
- 5/15/24 - Form 4
- 5/14/24 - Form 8-K
- WBD's page on the SEC website