21st Century Fox shares fell by 5% last night after the company announced disappointing quarterly results.

Revenues missed market expectations, falling by 1% to $7.38bn - earnings per share fell to 44 cents, down from 53 cents one year ago.

Fox News enjoyed a particularly strong performance as the US entered election season.

The Hollywood Reporter comments that the underlying message during last night's earnings call was, "Thank God for Fox News."

The paper adds that analysts believe that between 10 and 20% of all 21st Century Fox's revenue comes from the news station, which consistently polls as the US public's most trusted news source.

Fox has lowered its earning expectations for its full financial year, citing poor returns at box offices around the globe, with Ridley Scott’s Oscar-nominated “The Martian” being the studio's only stand-out hit.

"We are confident that the business is really on track to support our long-term objectives," James Murdoch, chief executive of 21st Century Fox said.

"However, two main factors - the continued currency movement against us and disappointing commercial results in the film business - are simply too significant for us to offset over the next six months to hit our near-term target," he continued.

As the media landscape changes and a whole generation 'cuts the cord' and rejects the old cable TV model - during its financial year it is hoping to cut expenses by $250m - mainly through voluntary buyouts. The Wall St Journal reports that the company may also reduce its headcount.

Last night's earnings report did not include further details about its cost-cutting efforts.