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# Fox Corp. Reports Improved Financials in Fiscal Quarter


## Introduction
Fox Corp., led by executive chair and CEO Lachlan Murdoch, reported improved fiscal quarter financials on Thursday. Despite a 2 percent decrease in advertising revenue, the company saw a 2 percent rise in affiliate revenue and a 2 percent improvement in “other” revenue.

## Financial Performance
The company reported earnings of $415 million for the quarter, a decrease from $613 million the previous year. Adjusted earnings fell to $537 million, or $1.09 per share, from $670 million, or $1.21 per share, in the year-ago quarter. However, total quarterly revenue climbed slightly over the same period last year, reaching $3.21 billion.

## Factors Influencing Revenue
The increase in affiliate fee revenues was mainly driven by 8 percent growth in the television segment. On the other hand, advertising revenues declined due to lower political advertising revenues at the Fox Television Stations, the impact of elevated supply in the direct response market at Fox News Media, and the broadcast of the FIFA Women’s World Cup at Fox Sports. However, these decreases were partially offset by continued growth at Tubi, a streaming service.

## Leadership Change
This earnings update is the first since media mogul Rupert Murdoch announced his resignation as chairman of Fox and News Corp in September. Starting in November, he will serve as chairman emeritus.

## Lachlan Murdoch’s Statement
Lachlan Murdoch commented on the solid start of fiscal year 2024, highlighting the importance of live content in driving engagement. He expressed satisfaction with increased engagement at Fox Sports, driven by the broadcast of the FIFA Women’s World Cup and the start of college football. Murdoch also acknowledged the impressive growth in viewing at Tubi and emphasized Fox’s ability to leverage the strength of its leadership brands for meaningful growth across digital assets.

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