Media giant 21st Century Fox met analysts profit expectations in its second fiscal quarter, in part due to high ratings for Fox News Channel, however the company fell short in revenue.
Rupert Murdoch’s company earned 44 cents per share on $7.38B in revenue; Wall Street had expected 44 cents per share on $7.51B.
Earnings are down compared to the same period a year ago as foreign currency exchange rates have negatively impacted the bottom line for companies that do significant business in other countries. The company also cited lower film revenue due to falling home-entertainment sales.
Companies heavily invested in television are facing fierce competition from video streamers; Asked about this Monday, CEO James Murdoch told analysts cord-cutting hasn’t been an issue.
Cable, the media giant’s largest segment, showed the most revenue growth in the quarter, increasing to $3.7B from $3.4B a year ago. Television was up $1.7B, up from $1.6B while film dropped to $2.4B from $2.8B compared to the same period a year ago.