Erik McGregor / LightRocket / Getty Images Fox Corp. reported fiscal third-quarter results on Monday, May 12
Erik McGregor / LightRocket / Getty Images
Fox Corp. reported fiscal third-quarter results on Monday, May 12
Media giant Fox Corporation (FOX) on Monday reported fiscal third-quarter results that came in better than analysts had expected.
Fox reported adjusted earnings per share of $1.10 on revenue that jumped 27% year-over-year to $4.37 billion. Analysts surveyed by Visible Alpha had projected $0.93 and $4.19 billion, respectively.
Advertising revenue soared 65%, which the company said was due to Super Bowl LIX advertising and "continued digital growth led by the Tubi [ad-based video on demand] service, and stronger news ratings and pricing."
The company said in February that Super Bowl ads generated over $800 million in gross revenue. The game, which saw the Philadelphia Eagles defeat the Kansas City Chiefs 40-22, had "a record-setting average audience of 127.7 million viewers" and peaked at 137.7 million viewers in the second quarter.
Fox shares, which entered the day up about 2% since the start of the year, were up nearly 4% an hour before the opening bell. Shares were rising before the results amid a broader market rally on news that the U.S. and China have agreed to a 90-day period of lowered tariffs.
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