Fox News Boosts Parent Company in Q1 Earnings

21st Century Fox’s first quarter beats Wall Street predictions

Last Updated: November 2, 2016 @ 5:03 PM

21st Century Fox reported its earnings for the first quarter of 2016 on Wednesday, besting Wall Street expectations.

The media conglomerate reported earnings per share of $0.51, which is better than what analysts expected, on average, who predicted $0.44 EPS.

The number is higher than the $0.38 earnings per share during the same period a year ago.

Fox reported revenue of $6.51 billion, which is slightly higher than the projected $6.49 billion, and also up 7 percent from $6.08 billion a year ago.

The company attributes the increase to higher affiliate and ad revenues from its cable networks, specifically Fox News, and also higher content revenues generated by its filmed entertainment unit.

Fox’s stock has dropped 12.39 percent in the past year, dipping to its lowest point on Sept. 9 to $23.57, coinciding with the ongoing controversy that swirled around Fox News head Roger Ailes, who resigned over the summer after multiple sexual harassment allegations were made against him.

“We delivered a strong quarter, growing our earnings by double digits on solid revenue gains,” said Executive Chairmen Rupert and Lachlan Murdoch in a statement on Wednesday. “Whether it was Fox News rating #1 in basic cable, the 27 primetime Emmy Awards between FX Networks and FOX Broadcasting, producing 3 of the top 5 scripted shows on television, or our robust international growth, we demonstrated strong operational momentum across our global businesses.”