Fox Corporation (NASDAQ:FOX) shares rose more than 4% intra-day today after the company topped expectations in its fiscal third quarter, boosted by a wave of advertising revenue tied to Super Bowl LIX and solid digital growth.
Adjusted earnings hit $1.10 per share, outpacing the projected $0.89. Revenue climbed to $4.37 billion, beating estimates and jumping 27% year-over-year, with shares rising 1.4% in response.
Advertising revenue soared 65% to $2.04 billion, driven by the Super Bowl broadcast, expanded digital ad sales through its Tubi platform, and improved ratings in its news division. Affiliate fee revenue also posted a modest 3% increase to $2.01 billion.
The Television segment led the way with a 40% revenue surge to $2.70 billion, while Cable Network Programming grew 11% to $1.64 billion. Despite the strong top-line performance, adjusted EBITDA slipped slightly to $856 million from $891 million a year ago, reflecting higher costs during the quarter.
