Fox Corp. Surpasses Earnings Expectations in Q1

Fox Corporation's earnings for the first fiscal quarter surpassed Wall Street expectations, driven by record political advertising revenue ahead of the U.S. presidential election. The company's revenue reached $3.56 billion, exceeding analysts' forecasts of $3.37 billion, with advertising revenue rising by 11% to $1.33 billion. This strong financial performance resulted in Fox's stock surging by over 3.5% in premarket trading. Fox Corp's adjusted earnings per share were reported at $1.45, beating the consensus estimate of $1.11. Growth at Fox's ad-supported streaming platform, Tubi, also contributed significantly to the revenue increase. CEO Lachlan Murdoch highlighted the robust audience growth across platforms such as FOX News and the success of the company's fall sports calendar as additional factors supporting the company's solid fiscal start.