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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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US

Day 20: Inside Trump’s White House

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Day 20: Inside Trump's White House

👉 Follow Trump 100 on your podcast app 👈

Twenty days into Donald Trump’s second term, US correspondents James Matthews and Mark Stone are joined by Washington DC cameramen Ed Young and Michael Herd to take a step back and discuss what it’s like covering the White House under President Trump compared to President Biden.

They also share some of the moments they got close (perhaps too close) to the most powerful man in the world.

You can email James, Martha and Mark on trump100@sky.uk

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US

Wreckage found in Alaska for missing Bering Air plane carrying 10 people

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Wreckage found in Alaska for missing Bering Air plane carrying 10 people

A small plane which crashed in western Alaska with 10 people on board has been found and the US Coast Guard (USCG) says there were no survivors.

The Bering Air flight left Unalakleet at 2.38pm on Thursday but contact was lost less than an hour later, the firm’s operations director David Olson said.

On Saturday, in a post on X, the coastguard said: “USCG has ended its search for the missing plane after the aircraft was located approx 34 miles southeast of Nome. 3 individuals were found inside and reported to be deceased.

“The remaining 7 people are believed to be inside the aircraft but are currently inaccessible due to the condition of the plane. Our heartfelt condolences are with those affected by this tragic incident.”

The Cessna 208B Grand Caravan – carrying a pilot and nine adult passengers – was flying across Norton Sound when tracking site Flightradar24 reported it at 5,300ft before contact was lost.

It was travelling from Unalakleet, a community of about 690 people in western Alaska, to Nome, a gold rush town just south of the Arctic Circle.

The flight time is normally just under an hour.

Mike Salerno, a spokesperson for the US Coast Guard, said rescuers were searching the aircraft’s last known location by helicopter when they spotted the wreckage. They lowered two rescue swimmers to investigate.

Nome in Alaska.
Pic: AP
Image:
The plane was heading to Nome, just south of the Arctic Circle. Pic: AP

In a post on Facebook, Nome’s fire department issued an update: “The Nome Search and Rescue Team is spooling up with assistance from the Alaska Air National Guard with recovery efforts.

“From reports we have received, the crash was not survivable. Our thoughts are with the families at this time.”

On Friday, Lieutenant Benjamin McIntyre-Coble, from the Alaskan coastguard, explained that the plane suffered a rapid loss of altitude and speed, according to radar data, but did not expand on the potential cause.

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Weather in Unalakleet at take-off time was -8.3C (17F) with fog and light snow, according to the US National Weather Service.

Bering Air serves 32 villages in western Alaska and air travel is often the only option of travelling long distances in rural parts of the US state, especially in winter.

It comes soon after two major air accidents in the US in recent weeks.

Sixty-seven people were killed when a jet and helicopter collided in Washington DC and seven died when a medical plane crashed in Philadelphia.

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Science

Atmos Space Cargo’s Phoenix Capsule Set for First Orbital Test on SpaceX Mission

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Atmos Space Cargo’s Phoenix Capsule Set for First Orbital Test on SpaceX Mission

A cargo-return technology developed by Germany-based Atmos Space Cargo is set to undergo its first in-space test with an upcoming SpaceX mission. The company’s Phoenix capsule will be launched aboard the Bandwagon 3 rideshare mission, scheduled for no earlier than April. The capsule has been designed to facilitate the safe return of high-value materials from orbit, particularly benefiting the biomedical sector. The test mission aims to gather crucial data on the capsule’s subsystems, onboard payloads, and reentry performance.

Mission Objectives and Scientific Payloads

According to reports, the Phoenix capsule will carry four payloads, including a radiation detector from the German Aerospace Center (DLR) and a bioreactor from UK-based Frontier Space. The mission’s primary goals include testing Phoenix’s performance in orbit, evaluating data from customer experiments, and deploying its proprietary inflatable atmospheric decelerator (IAD) for reentry stabilisation. This technology, acting as both a heat shield and parachute, is intended to enable a controlled descent back to Earth.

Challenges in Returning Space Cargo

Industry experts highlight that while the cost and complexity of launching experiments into space have been reduced, bringing them back to Earth remains a challenge due to high costs, long turnaround times, and technical difficulties. Atmos Space Cargo has positioned Phoenix as a cost-effective and reliable solution for returning biomedical samples, microgravity-manufactured materials, and other sensitive payloads.

Future Prospects and Industry Impact

Despite expectations that Phoenix will not survive its debut mission, the collected data will contribute to future improvements. Larger iterations of the capsule are planned to carry heavier payloads, including potential returns of rocket stages. Advisory board member and former NASA Deputy Administrator Lori Garver has stated that advancements in reusable and affordable cargo return technology are critical for the future of orbital space operations. The initiative aligns with broader efforts to enhance accessibility to in-space manufacturing and research.

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