Fox Corporation (NASDAQ: FOX ) topped first-quarter earnings and revenue estimates, sending its shares higher premarket on Tuesday.
The media giant reported third-quarter adjusted earnings of $0.94, $0.06 better than the analyst estimate of $0.88, while revenue for the quarter came in at $4.08 billion versus the consensus estimate of $4.03B.
Revenue, which rose 18% from the $3.46B reported in the prior year quarter, benefitted from advertising revenues rising 43%, primarily due to the impact of the Super Bowl, a higher volume of NFL games, and continued growth at Tubi. In addition, Fox's affiliate fee revenues increased by 3%, with 9% growth in its Television segment.
"Our fiscal third quarter once again demonstrated the effectiveness of FOX's strategy to leverage the power of compelling live events to deliver for our viewers, advertisers, and distributors at scale," said Fox executive chair and chief executive officer Lachlan Murdoch. "During the quarter, the largest audience in U.S. television history gathered to watch FOX Sports' broadcast of Super Bowl LVII, underpinning our delivery of double-digit revenue growth and providing a promotional gateway to FOX's entertainment and news brands."
At the time of writing, Fox shares are up 4.2% at $30.81.
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