Fox Corporation (FOX) delivered stronger-than-expected results for its fiscal third quarter, with significant gains fueled by Super Bowl ad sales and digital growth. The media company reported adjusted earnings per share of $1.10, surpassing analyst expectations of $0.93. Revenue surged 27% year-over-year to $4.37 billion, exceeding the projected $4.19 billion.
A key driver behind the impressive performance was a 65% increase in advertising revenue, largely attributed to Super Bowl LIX, which generated more than $800 million in gross ad sales. The game, featuring the Philadelphia Eagles’ 40-22 win over the Kansas City Chiefs, attracted a record-breaking average audience of 127.7 million, peaking at 137.7 million viewers.
Fox also credited the rise in digital ad revenue to the continued expansion of its Tubi platform, alongside higher viewership and improved pricing in its news division.
Fox shares rose nearly 5% in early trading, building on a modest 2% year-to-date gain. The broader market was also up amid optimism over eased trade tensions between the U.S. and China.
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Source: Finance.yahoo.com
