Fox Corporation reported fiscal first quarter revenue of $4.57 billion, up 22%, and net income attributable to shareholders of $943 million, Variety reported. The company cited World Cup broadcasts, political advertising and distribution fees as contributors to the results.
Growth across revenue streams
Revenue increased by $833 million. Advertising rose 47% and fees from programme distributors increased 9%. Attributable profit amounted to $2.20 per share, compared with $599 million, or $1.32 per share, in the year earlier period.
Cable network revenue rose 8% to $1.8 billion, supported by a 10% increase in distribution fees and 8% advertising growth. Traditional television operations generated $2.71 billion, up 32%, with advertising rising 60% and distribution fees 4%.
Chief executive Lachlan Murdoch pointed to the World Cup, the start of college football and NFL seasons and election activity. These were company explanations of a fiscal quarter’s performance, rather than a calendar first quarter result or a calculation attributing all profit growth to one event.
A separate audience challenge
In another report on the analyst call, Variety said Murdoch acknowledged fatigue among Fox News viewers. Preliminary Nielsen figures cited by the publication put October average total day viewing at about 1.1 million, down 27%, and the 25–54 audience at 98,000, down 32%.
Fox News nevertheless remained ahead of other cable properties in October, the report said. Its audience trend and the group’s financial performance therefore describe different dimensions of the business.
Next comes the task of maintaining advertising and turning election period viewers into regular audiences. Future viewing data and financial reports will show how that effort develops.