Fox Corp beats third-quarter revenue estimates on strong ad sales from news, sports
It reports revenue of US$3.99 billion, against analysts’ average estimate of US$3.82 billion
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[BENGALURU] Fox Corporation beat Wall Street estimates for third-quarter revenue on Monday (May 11), boosted by strong advertising sales in its sports and news divisions, and strength in the media company’s streaming service Tubi.
Shares of the company rose about 6 per cent in pre-market trading.
Advertisers turn to the company, which owns brands such as Fox News and Fox Sports, to capture its viewership amid growing geopolitical uncertainty driven by the Middle East conflict.
The company reported revenue of US$3.99 billion, against analysts’ average estimate of US$3.82 billion, based on data compiled by LSEG.
Its adjusted profit per share of US$1.32 exceeded estimates of US$0.97 per share.
The company said advertising revenue for its cable network programming rose 5 per cent, primarily boosted by increased news pricing and the broadcast of the World Baseball Classic, despite being partially offset by lower ratings.
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“This strong performance, led by robust core advertising trends, underscores Fox’s leadership in live programming, (and is) bolstered by continued strength at our leading free streaming service, Tubi,” CEO Lachlan Murdoch said. REUTERS
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