February 23, 2024

Sports wasn’t enough to help Fox Corp. get to its goals.

The owner of Fox News Channel and the Fox broadcast network said profit fell in its first fiscal quarter as robust results generated by its showing of the FIFA Women’s World Cup was offset by declines in its cable operations, where subscribers and advertising revenue fell.

In all, Fox Corp. reported net income of $407 million, or 82 cents per share, compared with $605 million. Earnings, adjusted for non-recurring costs, were $1.10 per share.

In a statement, Fox Corp. CEO Lachlan Murdoch cited the company’s sports portfolio and activity at Tubi, its ad-supported streaming hub, as bright spots during the period.

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