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Fox Corp Reports Q1 Net Income Drop to $415M Despite Increased Sports Programming and Tubi User Growth

Increased broadcasting costs for major sports events weigh on Fox Corp's profits despite robust engagement from sports and Tubi, and a slight overall rise in revenue; cable advertising revenue and affiliate fees decline.

Overview

  • Fox Corp's net income decreased by 33% to $415 million in Q1, a fall attributed to increased costs related to sports programming, including broadcast rights for the Women’s World Cup and National Football League.
  • Despite the decrease in net income, Fox Corp reported a small increase in total quarterly revenue to $3.21 billion.
  • Ad-supported streaming service Tubi, owned by Fox, exceeded 70 million monthly active users in September, demonstrating growth from the 64 million users reported in February.
  • Fox's overall advertising revenue dropped 2% compared to the same period last year, a decrease attributed to less political ads in comparison to the previous year's midterm elections.
  • Fox CEO Lachlan Murdoch reaffirmed the company's commitment to the cable bundle, where Fox News continues to excel despite an increasing trend of customers cutting the cord.