Fox Corporation Ad Revenue Slips to $1.2 Billion, but Q3 Earnings Still Beat Wall Street Expectations

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The company’s quarter suffered comparisons to a 2023 frame that included a Super Bowl boost and legal settlement costs in the Dominion case

Fox Earnings
Photo illustration by TheWrap

Fox Corporation beat Wall Street estimates in its third quarter of 2024, largely due to the absence of legal charges associated with Dominion Voting Systems’ lawsuit, despite seeing ad revenue declines throughout the quarter. 

Here are the top-line results:

Net income: $704 million, compared to a net loss of $50 million in 2023

Revenue: $3.45 billion vs. $3.44 billion estimated by Zacks Analysts 

Adjusted Earnings Per Share: $1.09 vs. 98 cents estimated by Zacks Analysts

While affiliate fee revenues increased by 4% driven by growth in the company’s television segment and cable network programming segment, advertising revenues fell to $1.24 billion compared to $1.88

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