Fox beats Wall Street revenue expectations

Fox Corporation beat Wall Street’s first-quarter revenue expectations after a rise in political advertising before the US presidential election.
The broadcaster reported an 11 per cent rise in revenue to $3.56 billion, beating analysts’ forecasts of $3.37 billion.
Advertising revenue for the three months to the end of September increased 11 per cent to $1.33 billion, primarily owing to higher political advertising revenues at Fox’s television division.
The company also reported strong growth at Tubi, its ad-supported streaming platform, and an advertising boost from the “Summer of Soccer” at Fox Sports, including broadcasts of the Uefa European Football Championship and Conmebol Copa América.
The results sent shares in Fox up 3.6 per cent, or $1.50, to $43.38 in morning trading in New York.
Fox operates television networks including Fox News and Fox Sports. The company shares common ownership with News Corporation, ultimate owner of The Times.
The broadcaster’s television division reported revenue of $1.95 billion, above estimates of $1.92 billion, driven by a jump in advertising related to the broadcast of the Uefa championship at Fox sports.
Revenue at Fox’s Cable Network Programming came in at $1.6 billion, compared with analysts’ estimates of $1.41 billion.
The company reported net income of $832 million for the quarter, up from $415 million in the same period last year.
Lachlan Murdoch, executive chairman and chief executive of Fox Corporation, said: “Fiscal 2025 is off to a solid start across our portfolio with strong audience growth at Fox News, record political advertising across the company, accelerating revenue growth at Tubi and a compelling start to our fall sports calendar.
“Collectively these contributions have combined to deliver particularly strong financial results in our fiscal first quarter led by notable top line revenue and earnings growth.”