© Reuters. FILE PHOTO: A headline for a story on the health of U.S. President Joe Biden is displayed at the Fox News headquarters in New York City, U.S. March 4, 2023. REUTERS/Chris Helgren/File Photo
(Reuters) -Fox Corp beat first-quarter revenue estimates on Thursday, as it benefited from higher affiliate fees in its television segment that includes its news network.
The Fox News parent posted quarterly revenue of $3.21 billion, compared with analysts’ average estimate of $3.18 billion, according LSEG data.
Fox’s advertising revenue fell 2% to $1.2 billion in the reported quarter on lower political advertising revenue at Fox Television Stations.
Net income fell to $407 million, or $0.82 per share, from $605 million, or $1.10 per share, a year earlier.
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