Fox Corporation beats Q1 expectations, shares rise on strong results

NEW YORK - Fox Corporation (NASDAQ:FOXA) reported better-than-expected first quarter earnings and revenue, sending shares up 3.87% in trading following the release.

The media company posted adjusted earnings per share of $1.45, surpassing analyst estimates of $1.13. Revenue for the quarter came in at $3.56 billion, topping expectations of $3.38 billion and representing an 11% YoY increase.

Fox's strong performance was driven by growth across multiple segments. Affiliate fee revenues rose 6%, with the Television segment up 10% and Cable Network Programming up 3%. Advertising revenues jumped 11%, boosted by higher political ad spending at FOX Television Stations and continued growth at streaming platform Tubi.

"Fiscal 2025 is off to a solid start across our portfolio with strong audience growth at FOX News, record political advertising across the company, accelerating revenue growth at Tubi and a compelling start to our fall sports calendar," said Executive Chair and CEO Lachlan Murdoch.

The company reported quarterly adjusted EBITDA of $1.05 billion, up 21% YoY. Fox attributed the increase primarily to higher revenues, partially offset by increased programming costs at FOX Sports and Tubi.

Fox repurchased approximately $250 million of its Class A common stock during the quarter. As of September 30, the company had $1.15 billion remaining under its share repurchase authorization.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com