Fox Corp beats quarterly revenue estimates as TV viewership rises

Fox Corp beats quarterly revenue estimates as TV viewership rises

FILE PHOTO: A Fox News channel sign is seen on a television vehicle outside the News Corporation building in New York City, in New York, U.S. November 8, 2017. REUTERS/Shannon Stapleton

(Reuters) – Fox Corp (FOXA.O) beat Wall Street estimates for third-quarter revenue on Wednesday, as the media company benefited from a rise in television viewership with people staying at home due to the coronavirus pandemic.

Net income attributable to shareholders fell to $78 million, or 13 cents per share, in the quarter ended March 31, from $529 million, or 85 cents per share, a year earlier.

Total revenue rose to $3.44 billion from $2.75 billion, above analysts’ average estimate of $3.33 billion, according to IBES data from Refinitiv.

Reporting by Munsif Vengattil in Bengaluru; Editing by Vinay Dwivedi

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