Fox FOXA is set to report second-quarter fiscal 2024 results on Feb 7.
For the quarter, the Zacks Consensus Estimate for earnings is pegged at 9 cents per share, up 80% in the past 30 days. The figure indicates an 81.25% decline from the year-ago reported figure.
The consensus mark for revenues is pegged at $4.18 billion, implying a 9.29% decline from the year-ago quarter’s reported figure.
The company’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 12.16%.
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
Insights into Expectations
Fox’s second-quarter fiscal 2024 performance is expected to have been negatively impacted by continued weakness in the Cable Network Programming segment. The Zacks Consensus Estimate for the Cable Network Programming segment’s revenues is pegged at $1.6 billion, indicating a year-over-year decline of 1.6%.
Advertisers are contending with rising costs amid record inflation, which has led to cutbacks in spending on advertising. This is expected to have reflected in the company’s ad revenue growth in the to-be-reported quarter.
The Zacks Consensus Estimate for advertising revenues is pegged at $2 billion, indicating a year-over-year decline of 19.9%.
Strength in the Television segment, driven by increasing affiliate fee revenues, is likely to have aided top-line growth in the to-be-reported quarter.
Moreover, this Zacks Rank #3 (Hold) company’s focus on expanding its digital business segments is likely to have boosted FOXA’s prospects in the to-be-reported quarter. Fox News Digital and FOXBusiness.com had a successful year in 2023, outperforming some of the key competitors in terms of multiplatform views, minutes and engagement on social media.
In comparison, Warner Bros. Discovery WBD-owned CNN and The New York Times experienced a decrease in these key performance indicators.
FOX News Mobile App averaged 6.1 million monthly unique visitors in 2023. It also emerged as the most engaged news brand on social media throughout the year, with more than 315 million social media interactions, including 81.6 million on Facebook and 198.9 million on Instagram, both owned by Meta Platforms META. On Alphabet GOOGL-owned YouTube, FOX News drove more than 2.3 billion views, securing the top spot in the news competitive set.
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