Fox reported a profit for its fiscal third quarter.
Fox had net income of $666 million, or $1.40 a share in the quarter. A year ago, the company reported a net loss of $54 million, or 10 cents a share, as it settled a lawsuit by voting-machine maker Dominion Systems, paying $787.5 million.
Revenues fell to $3.45 billion from $4.08 billion.
The results were better than Wall Street forecasts.
Affiliate-fee revenue increased 4%, with Fox’s television business seeing a 9% increase, while its cable networks added 1%.
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Advertising revenue fell 34% to $1.24 billion from $1.88 billion a year ago, when Fox broadcast the Super Bowl. Fox aired fewer NFL games in the quarter compared to the year-ago period. Taking out the NFL changes, Fox said ad revenue would have been up for the quarter by low single digits.
Revenue for Tubi, Fox’s free ad-supported streaming service, rose 22% as viewing time grew 36% and monthly active users reached nearly 80 million.
“Fox’s fiscal third-quarter results once again demonstrate how our unique strategy continues to distinguish Fox from our peers,” CEO Lachlan Murdoch said.
“The strength and leadership of our core brands, coupled with our focus on live content and must-have event programming, is clearly valued by our audiences, advertisers and distribution partners,“ Murdoch said. “The consistent financial delivery from this strategy supports our investments in innovation which are driving momentum in our digital portfolio, led by Tub. Our balanced capital allocation approach, fortified by our strong balance sheet, underpins our ability to drive long-term value creation for our shareholders.”
