Twenty-First Century Fox reported a three cent earnings beat, and surpassed Wall Street revenue estimates by $1.64 billion. The stock rose 1.11% after hours. The results were strong despite a weakness in cable viewership, with Twentieth Century Fox strongly dependent on cable ad revenues. Fox’s strength was mainly in its films, such as “X-Men: Days of Future Past, ” “The Fault in Our Stars, ” “Dawn of the Planet of the Apes.” The sleeper hit, “Gone Girl” was released at the back end of the quarter. According to International Business Times, Twentieth Century Fox has 20 of the top grossing movies for 2014.
However, the challenge continues to be TV and declining viewership. Even though Fox news has strong ratings compared to CNN and CNBC, there is a general falloff in viewers. It seems that, at least for the time being, Fox’s movie business is offsetting weakness in television.
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