The company swung to a net loss in the first three months of the year, its quarterly revenue erased — and then some — by payments associated with resolving the lawsuit with Dominion, an election technology firm.
Fox swung to a net loss of $50 million for the quarter, compared with earnings of $290 million during the same period last year. The loss came despite revenue increasing 18 percent, to $4.08 billion.
[Interesting for a couple of reasons. First off, the lawsuit itself seemed to have little impact on revenue growth — at least until the settlement. That would seem to indicate that Fox has plenty of resiliency still left in its operations. Second, the Q1 revenue figures reflect a period of time *before* canceling Tucker Carlson’s show. With the hit Fox took in the ratings, it seems likely that their revenue will fall in Q2 — although they may be able to sell those spots in the 8 pm ET slot more readily since they no longer have to deal with advertisers refusing to sponsor Tucker specifically. The next quarterly report will be worth watching. — Ed]
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