Fox Corporation on Tuesday reported a $54 million net loss during its third quarter of fiscal 2023, compared with a profit of $283 million a year earlier, due to the costs associated with Fox News’ settlement with Dominion Voting Systems.
On an adjusted basis, the company earned $0.94 per share, above the $0.87 consensus estimate, according to Refinitiv data.
Meanwhile, Fox’s quarterly revenue rose 18% to $4.08 billion, also beating the $4.03 billion analyst consensus, as its advertising sales surged on the back of the Super Bowl in addition to its ad-supported streaming service Tubi.
Last month, Fox agreed to pay $787.5 million to Dominion Voting Systems to settle a defamation lawsuit over false claims that Dominion’s machines influenced the outcome of the 2020 presidential election.
As well, Fox chief financial officer Steve Tomsic said he expects the company's buyback pacing to continue “whatever happens with future litigation” due to its strong cash position.
The company ended 3Q with $4.1 billion in cash as of March 31, 2023.
Contact Sean at sean@proactiveinvestors.com