Fox beats estimates for quarterly revenue
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BROADCASTER Fox beat estimates for third-quarter revenue on Tuesday (May 9), 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 per cent in premarket trading.
Total revenue rose 18 per cent to US$4.08 billion in the quarter ended Mar 31, inching past analysts’ estimates of US$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. REUTERS
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