Fox Corporation's (NASDAQ: FOXA) stock surged 6.7% in Tuesday's pre-market trading, following the company's impressive fiscal second-quarter results driven by robust political ad spending and strong sports viewership.
For the quarter ended December 31, 2024, Fox reported:
The strong results were driven by a surge in advertising revenue, which grew 21% year-over-year to $2.42 billion. This was primarily due to higher political advertising revenues on Fox News, the impact of higher MLB postseason ratings and NFL pricing, as well as continued digital growth led by the company's Tubi AVOD service.
Fox's Cable Network Programming segment saw a 31% increase in revenue, fueled by higher affiliate fees and advertising revenue from news ratings, pricing, and digital ads. The Television segment also reported a 16% increase in revenue, benefiting from the strong MLB postseason ratings, higher NFL ad pricing, political ads, and growth at Tubi.
Looking ahead, Fox remains optimistic about the upcoming launch of its robotaxi service and the growth potential of autonomous driving technology, which could further drive its advertising and content revenues.
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