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Fox Corp. outpaced Wall Streets expectations on Tuesday after reporting higher-than-expected profits that were boosted by an industry-wide uptick in the advertising market.

The New York-based media giant earnings of $375 million, or 74 cents per share, according to its fourth-quarter earnings release. That number was up from $306 million in the same period one year ago.

On an adjusted basis excluding one-time expenses, the company reported earnings of 88 cents per share, higher than the 72 cents projected by Wall Street analysts.

Foxs quarterly revenue was $3.03 billion, a figure that matched last years results for the quarter and was in line with estimates.

“We enter fiscal ’24 from a position of strength despite headwinds facing our industry and the lingering effect of some macroeconomic uncertainty,” Fox Corp. CEO Lachlan Murdoch said during an earnings call.

Fox shares were up nearly 4% in mid-day trading.

The company’s quarterly ad revenue came in at $1.01 billion, down slightly compared to last year but still better than expected, according to estimates from research firm Visible Alpha.

The company said the 4% decrease in ad revenues occurred as continued growth at Tubi was more than offset by comparably lower political advertising revenues at the FOX Television Stations and the impact of elevated supply in the direct response marketplace at FOX News Media.

Underlying ad trends have shown signs of improvement over the last quarter, Murdoch added. We are seeing an uptick in scatter driven largely by sports and national news is solid.

Murdoch also expressed confidence in Fox News revamped primetime lineup. The shakeup occurred after the dismissal of former host Tucker Carlson earlier this year.

We are pleased with the initial results, and are confident that our deep bench of talent will continue to set the standard for all new services as we move towards the 2024 presidential election, Murdoch said.

In April, Fox reached a $787.5 million settlement with Dominion Voting Systems. The settlement did not impact its fourth-quarter results.

Through the end of the quarter, Fox had roughly $4.3 billion in cash and roughly $7.2 billion in debt.

Fox Corp. shares a common owner with News Corp, which owns The Post.

With Post wires

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Politics

Ex-Reform MP Rupert Lowe alerts coastguard to ‘migrants’ – who were a charity rowing team

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Ex-Reform MP Rupert Lowe alerts coastguard to 'migrants' - who were a charity rowing team

MP Rupert Lowe alerted the coastguard to potential migrants on a boat – who turned out to be a charity rowing crew.

The independent Great Yarmouth MP posted a picture on social media on Thursday night of a boat near some wind turbines off the Norfolk Coast, saying he had alerted the authorities.

He wrote dinghies were coming into Great Yarmouth, “RIGHT NOW”.

“If these are illegal migrants, I will be using every tool at my disposal to ensure those individuals are deported,” he added.

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But the “dinghy” was actually an ocean rowing boat crewed by ROW4MND, a team of four attempting to row from Land’s End to John O’Groats for motor neurone disease research.

Rupert Lowe MP. Pic: PA
Image:
Rupert Lowe MP. Pic: PA

Mr Lowe, who was suspended from Reform UK in March, posted on Friday morning that it was a “false alarm” and was a boat of charity rowers, “thank goodness”.

More on Reform Uk

He said he would donate £1,000 to their charity “as a well done” – but warned people to “watch out for any real illegal migrants”.

“We received a huge number of urgent complaints from constituents – I make no apologies over being vigilant for my constituents. It is a national crisis,” he wrote.

“No mass deportations for the charity rowers, but we definitely need it for the illegal migrants!”

The ROW4MND crew were passing Great Yarmouth on their way to John O'Groats. Pic: PA
Image:
The ROW4MND crew were passing Great Yarmouth on their way to John O’Groats. Pic: PA

Police wanted to send a boat to check

It is the first of four gruelling rows the crew will take over four years in an attempt to raise £57m for motor neurone disease research, inspired by the deaths of rugby players Rob Burrow and Doddie Weir from the condition.

Matthew Parker, Mike Bates, Aaron Kneebone and Liz Wardley said the coastguard initially contacted them and asked if they could see a dinghy nearby.

Ex-Royal Marine Mr Bates, a British record holder for rowing across the Atlantic solo, said it soon became clear the coastguard was asking about their boat.

“I looked to my right and there was maybe a dozen individuals stood on the shoreline staring at us,” he told the PA news agency.

After the coastguard accepted they were not carrying migrants, they rowed on through the night but hours later were contacted again by the coastguard because the police had “asked if they could send a lifeboat out to check who we were”.

The crew leaving Newlyn Harbour in Cornwall last week after starting their challenge again. Pic: PA
Image:
The crew leaving Newlyn Harbour in Cornwall last week after starting their challenge again. Pic: PA

‘I’ve not been mistaken for a migrant before’

A friend then forwarded Mr Lowe’s post, which Mr Bates said was “a moment of light relief”.

“We found it hilarious. I’ve not been mistaken for a migrant before,” he said.

“The best comment was the one asking where the Royal Navy were when you need them. I’m a former Royal Marine, so the Royal Navy were on the boat.

“But it was almost like a vigilante-style, people following us down the beach.

“They hadn’t twigged that we were parallel to the shore for hours and not trying to land.”

Read more:
Is Corbyn’s comeback a headache for Starmer – or a red herring?

Gruelling four-year challenge

The crew set off from Land’s End on 25 July, heading north, but bad weather forced them to stop, and they decided to return to Land’s End and start again, heading anticlockwise around the UK.

Next year, the team is hoping to row from John O’Groats to Land’s End, then from California to Hawaii in 2027 and New York to London in 2028.

Mr Bates said: “We’re rowing for hope, we’re rowing to find a cure, and hopefully we’ll raise £57m – we certainly will if MPs keep talking about us. Maybe Rupert will give us a donation.”

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Environment

Tesla used car prices keep plumetting, dips below average used car

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Tesla used car prices keep plumetting, dips below average used car

Tesla used car prices continue to plummet, while the average used car price is increasing. Despite being considered a premium brand, used Tesla vehicles are now cheaper than the used car sale price.

Isn’t this nuts?

Last year, Tesla’s used car prices started to drop along with the rest of the used car market in the US.

However, when the market started to recover in March 2025, Tesla’s used car prices didn’t. It continued to drop.

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In fact, it has now dropped so much that the average used Tesla vehicle costs less than the average used car on Car Gurus:

This is unprecedented. Although the brand has taken a significant hit over the last year, Tesla is still regarded as a premium brand in the industry. The fact that its average used car sale price would dip below the industry average, which includes inexpensive mass-market vehicles, is quite exceptional.

Used Tesla car prices are now down 4.59% year-over-year, compared to the market average being up 1.22%:

Make/Model Avg Price Last 30 days Last 90 days Year over Year
CarGurus Index $28,039 +0.19% +1.22% +1.22%
Tesla $27,814 -1.75% -4.59% -4.59%

All Tesla vehicles are down year-over-year, with the Cybertruck unsurprisingly leading the charge.

However, Cybertruck has started to recover in the last few months, along with Model 3.

The Model Y, which is by far Tesla’s most popular model by volume, is dragging the average down as it continues to fall:

Make/Model Avg Price Last 30 days Last 90 days Year over Year
Cybertruck $83,963 +0.88% +0.3% -30.44%
Model 3 $23,318 +0.2% +0.75% -8.04%
Model S $26,534 -5.48% -9.53% -22.61%
Model X $37,747 -2.33% -9.24% -16.8%
Model Y $29,216 -0.49% -0.68% -11.97%

Electrek’s Take

Many Tesla owners have been selling their used vehicles and switching to new brands, increasing the supply and putting pressure on prices.

I expected this, but I didn’t expect the pressure to be so great that prices would dip below the average used prices.

This is significant.

It’s proof that the Tesla brand has taken a massive reputational hit and there’s no clear recovery in sight.

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Politics

Roman Storm conviction for Tornado Cash sets ‘dangerous precedent’

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Roman Storm conviction for Tornado Cash sets ‘dangerous precedent’

Roman Storm conviction for Tornado Cash sets ‘dangerous precedent’

Tornado Cash developer Roman Storm’s conviction misapplies money transmitter laws, crypto industry group says.

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