New Delhi: Fox Corp announced today that it has exceeded Wall Street expectations for quarterly profit and reported an increase in revenue. The media conglomerate attributed this success to the robust performance of its free ad-supported streaming service, Tubi, and a 5% surge in affiliate fees.
The company’s cable-network programming division, which encompasses popular channels like Fox News, Fox Sports 1, and Fox Business Network, contributed to the overall growth with a 2% revenue increase. However, total revenue fell slightly short of analyst predictions, coming in at $3.09 billion compared to the estimated $3.10 billion.
Despite the mixed revenue figures, Fox Corp’s CEO, Lachlan Murdoch, expressed optimism about the company’s trajectory during a post-earnings call, highlighting the continued momentum of Tubi.
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Advertising revenue remained steady year-over-year at $1.01 billion. With the upcoming presidential election, Fox News and other television networks are poised to benefit from a significant increase in political advertising spending, estimated to reach $12.15 billion this year.
Fox Corp’s adjusted earnings per share (EPS) of 90 cents surpassed analyst forecasts of 81 cents.
The company is gearing up for the launch of Venu Sports, a sports streaming joint venture with Disney and Warner Bros Discovery, scheduled for this fall. The service is expected to debut at a monthly subscription price of $42.99.
The positive earnings report sent Fox Corp’s shares soaring nearly 5% in early trading.
