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Fox Q3 Win: 65% Ad Surge Driven By Super Bowl, Tubi Growth

Fox Corp FOX FOXA reported fiscal third-quarter results on Monday.

The company reported quarterly revenue of $4.37 billion, up from $3.45 billion a year ago, beating the analyst consensus estimate of $4.16 billion.

Adjusted net income was $507 million, or $1.10 per share, beating the analyst consensus estimate of $0.90. It was $520 million or $1.09 per share a year ago.

Also Read: Fox Q2 Earnings: Revenue And EPS Beat, Fall Sports Schedule and Election Cycle Drove Performance, Plans New Streaming Service

The stock gained after the report.

Cable Network Programming reported quarterly segment revenues of $1.64 billion, an increase of 11% Y/Y. Television reported quarterly segment revenues of $2.70 billion, an increase of 40% Y/Y.

Affiliate fee revenues increased by 3.5% to $2.01 billion, driven by 4% growth in the Television and 3% increase in Cable Network Programming segments.

Advertising revenues increased 65% to $2.04 billion, primarily due to the impact of Super Bowl LIX, continued digital growth led by the Tubi AVOD service, and stronger news ratings and pricing.

More advertisers have turned to the company to capture its growing viewership amid economic uncertainty due to changing U.S. trade policies.

During the quarter, the company bought back about $250 million of its Class A common stock; under the current buyback program, about $650 million remains.

Price Action: FOXA stock is up 5.5% at $53.03 at last check on Monday.