Fox Corporation (NASDAQ:FOXA) reported first-quarter results that exceeded analyst forecasts, lifting its stock by over 4% intra-day today. The media giant posted adjusted earnings per share of $1.45, well above the anticipated $1.13, and recorded revenue of $3.56 billion, topping Wall Street estimates of $3.38 billion.
Fox’s robust performance was fueled by growth across key segments. Affiliate fee revenues rose 6%, with gains in the Television segment up 10% and Cable Network Programming growing 3%. Advertising revenue surged by 11%, driven by strong political ad sales at FOX Television Stations and continued expansion at streaming service Tubi.
Adjusted EBITDA for the quarter rose 21% year-over-year to $1.05 billion, benefiting from increased revenue despite higher programming costs at FOX Sports and Tubi.