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Fox beats estimates for quarterly revenue
© Reuters. FILE PHOTO: A headline for a story on the health of U.S. President Joe Biden is displayed at the Fox News headquarters in New York City, U.S. March 4, 2023. REUTERS/Chris Helgren
(Reuters) – Broadcaster Fox Corp beat estimates for third-quarter revenue on Tuesday, as recession-wary companies continued to advertise on its network even as they cut their spending on other marketing channels.
Shares of the company rose over 3% in premarket trading.
Total revenue rose 18% to $4.08 billion in the quarter ended March 31, inching past analysts’ estimates of $4.03 billion, according to Refinitiv data.
The upbeat results from Fox, which operates Fox News and a range of sports channels, underscore the cautious approach by advertisers who are mostly buying ad slots on dominant networks amid tough economic conditions.
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