Fox Corp (NASDAQ:FOXA) turned in better than expected quarterly earnings, thanks to record levels of political advertising ahead of this week's US presidential election.
Revenues of $3.56 billion were generated in the three months ended September 30, the group's fiscal first quarter, up 11% on a year earlier as television revenues grew 10% while cable network revenue rose 3%.
Advertising revenues increased 11% to $1.33 billion, beating Wall Street expectations of $1.13 billion, per LSEG data.
The increase was primarily due to higher political advertising for FOX TV stations, higher ratings and pricing for FOX News, the impact of a busy summer of soccer for FOX Sports, and continued growth at streaming service Tubi.
Adjusted net income increased 25% to $672 million or $1.45 per share, beating the $1.11 consensus Street estimate.
Executive chair and CEO Lachlan Murdoch said the fiscal 2025 period was "off to a solid start across our portfolio", hailing strong audience growth at FOX News, record political advertising and accelerating revenue growth at Tubi.