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Fox (FOXA) to Report Q1 Earnings: What's in the Offing?
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Fox (FOXA - Free Report) is set to report first-quarter fiscal 2023 results on Nov 1.
For the quarter, the Zacks Consensus Estimate for earnings is pegged at $1.16 per share, down 3.3% in the past 30 days. The figure indicates 4.5% growth from the year-ago reported figure.
The consensus mark for revenues, pegged at $3.19 billion, implies a 4.83% increase from the year-ago quarter’s reported figure.
The company’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, the average surprise being 300.29%.
Let’s see how things have shaped up for this announcement.
Fox’s first-quarter fiscal 2023 results are expected to benefit from the steady affiliate revenue growth. In the last reported quarter, affiliate fee revenues rose 3.7% year over year, reaching $1.72 billion, driven by healthy growth in the FOX Cable Networks and Television segments.
The Zacks Consensus Estimate for affiliate fee revenues is currently pegged at $1.69 billion, indicating growth of 1.6% year over year.
Advertisers, however, continue to face supply-chain disruptions and labor shortages, and many others are contending with rising costs amid record inflation, which have led to cutbacks in spending on advertising. This is expected to have reflected on this Zacks Rank #3 (Hold) company’s ad revenue growth in the to-be-reported quarter.
The Zacks Consensus Estimate for advertising revenues is currently pegged at $1.24 billion, indicating growth of 9.9% year over year.
In the last reported quarter, advertising increased 7.4% to $1.05 billion, driven by continued growth at Tubi and continued strength in pricing at the FOX Network.
Notably, Fox’s investments in the expansion of its network and offerings are expected to have aided growth in ratings in the to-be-reported quarter. On Jul 21, FOX News Media announced that it had expanded distribution of its direct-to-consumer subscription streaming service FOX Nation across live TV streaming platform FuboTV (FUBO - Free Report) . FuboTV subscribers now have the option to add FOX Nation to their subscription for $5.99 a month.
On Sep 27, Fox also announced that FNC finished the third quarter of 2022 as cable’s most-watched network in primetime and total day viewers, marking 83 consecutive quarters of being the highest-rated cable news channel in primetime.
Fox Weather, FOX News Media’s free ad-supported streaming television weather service, expanded its distribution to Fios and was also added to Amazon’s (AMZN - Free Report) free video streaming service Amazon Freevee. On Amazon Freevee, viewers can access the FOX Weather FAST channel through the app, or within the "Live TV" tab through Prime Video.
Moreover, Fox’s focus on expanding its digital business segments is likely to have boosted the company’s prospects in the to-be-reported quarter.
FOX Entertainment owned free ad-supported streaming service, Tubi announced that it has entered into an exclusive multi-year slate deal with Lionsgate Holdings (LGF.A - Free Report) to become the premier AVOD home to 30 new feature films. The partnership also includes over 200 Lionsgate fan-favorite titles that will be added to Tubi’s popular library.
Image: Shutterstock
Fox (FOXA) to Report Q1 Earnings: What's in the Offing?
Fox (FOXA - Free Report) is set to report first-quarter fiscal 2023 results on Nov 1.
For the quarter, the Zacks Consensus Estimate for earnings is pegged at $1.16 per share, down 3.3% in the past 30 days. The figure indicates 4.5% growth from the year-ago reported figure.
The consensus mark for revenues, pegged at $3.19 billion, implies a 4.83% increase from the year-ago quarter’s reported figure.
The company’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, the average surprise being 300.29%.
Let’s see how things have shaped up for this announcement.
Fox Corporation Price and EPS Surprise
Fox Corporation price-eps-surprise | Fox Corporation Quote
Factors to Consider
Fox’s first-quarter fiscal 2023 results are expected to benefit from the steady affiliate revenue growth. In the last reported quarter, affiliate fee revenues rose 3.7% year over year, reaching $1.72 billion, driven by healthy growth in the FOX Cable Networks and Television segments.
The Zacks Consensus Estimate for affiliate fee revenues is currently pegged at $1.69 billion, indicating growth of 1.6% year over year.
Advertisers, however, continue to face supply-chain disruptions and labor shortages, and many others are contending with rising costs amid record inflation, which have led to cutbacks in spending on advertising. This is expected to have reflected on this Zacks Rank #3 (Hold) company’s ad revenue growth in the to-be-reported quarter.
The Zacks Consensus Estimate for advertising revenues is currently pegged at $1.24 billion, indicating growth of 9.9% year over year.
In the last reported quarter, advertising increased 7.4% to $1.05 billion, driven by continued growth at Tubi and continued strength in pricing at the FOX Network.
Notably, Fox’s investments in the expansion of its network and offerings are expected to have aided growth in ratings in the to-be-reported quarter. On Jul 21, FOX News Media announced that it had expanded distribution of its direct-to-consumer subscription streaming service FOX Nation across live TV streaming platform FuboTV (FUBO - Free Report) . FuboTV subscribers now have the option to add FOX Nation to their subscription for $5.99 a month.
On Sep 27, Fox also announced that FNC finished the third quarter of 2022 as cable’s most-watched network in primetime and total day viewers, marking 83 consecutive quarters of being the highest-rated cable news channel in primetime.
Fox Weather, FOX News Media’s free ad-supported streaming television weather service, expanded its distribution to Fios and was also added to Amazon’s (AMZN - Free Report) free video streaming service Amazon Freevee. On Amazon Freevee, viewers can access the FOX Weather FAST channel through the app, or within the "Live TV" tab through Prime Video.
Moreover, Fox’s focus on expanding its digital business segments is likely to have boosted the company’s prospects in the to-be-reported quarter.
FOX Entertainment owned free ad-supported streaming service, Tubi announced that it has entered into an exclusive multi-year slate deal with Lionsgate Holdings (LGF.A - Free Report) to become the premier AVOD home to 30 new feature films. The partnership also includes over 200 Lionsgate fan-favorite titles that will be added to Tubi’s popular library.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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