Why Fox Stock Fell after Its Fiscal 4Q17 Results
Fox’s earnings beat expectations, but narrowly missed revenues
In fiscal 4Q17, the media giant posted earnings per share (or EPS) of $0.36 against expectations of $0.35 per share. Its revenues came in at $6.75 billion, narrowly missing Wall Street expectations of $6.77 billion. Its earnings fell 20% compared to EPS of $0.45 in fiscal 4Q16. The company’s revenues rose 2.8% from $6.6 billion in fiscal 4Q16.
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Fox reported fiscal 2017 numbers
Twenty-First Century Fox also reported its fiscal 2017 results on August 9. Fox’s annual net profit came in at $3.0 billion ($1.61 per share), compared with its fiscal 2016 net profit of ~$2.8 billion ($1.42 per share). Its annual revenues came in at $28.5 billion, which is 4% higher than in fiscal 2016.
Fox News continued to perform well even without its long-time cornerstone, Bill O’Reilly, and offset the slowdown in the box office and weaker television ad revenues. Cable programming revenues rose 10.5% to ~$4.3 billion from fiscal 4Q6.
Its television ad revenues fell 3.8% to $1.00 billion from $1.04 billion in fiscal 4Q16, and its revenues from the box office fell 11.8% to $1.80 billion.
In fiscal 4Q17, the company had a hit with the DreamWorks animated film Boss Baby. However, the horror sequel Alien: Covenant faltered, and Snatched, a comedy, disappointed at the box office. Fox stock fell 1.1% on August 9.
- fiscal 4Q17 ended June 2017 ↩