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Axsome: Q3 Earnings Snapshot – WTOP News
On Monday, Fox Corporation reported fiscal first-quarter revenue of $4.57 billion, a 22% year-over-year increase driven by the FIFA World Cup, political advertising, and Tubi streaming growth.
Advertising revenue surged 47% company-wide, bolstered by midterm election spending exceeding $350 million and World Cup broadcasts, offsetting a "difficult" ratings comparison at Fox News.
The Television segment, which includes Tubi, generated $2.71 billion in revenue, a 32% increase, while Tubi revenue grew 35% and total view time increased by 23%.
Net income reached $943 million, or $2.20 per share, prompting shares to pop more than 5%, as Fox CEO Lachlan Murdoch praised the company's "focused strategy" and brand strength.
Fox continues working to close its pending $22 billion acquisition of Roku, which recently secured shareholder approval and currently awaits final regulatory clearance from the Department of Justice.