By Dean Seal
Fox recorded a bigger profit in its fiscal second quarter as strong advertising revenue from the election season and sports pushed the top line above Wall Street estimates.
The broadcaster had net income of $373 million, or 81 cents a share, up from $109 million, or 23 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 96 cents a share. Analysts polled by FactSet had been expecting 69 cents a share.
Revenue rose 20% to $5.08 billion, above analyst projections for $4.87 billion, according to FactSet.
Fox's cable-network business, which includes Fox Sports 1, Fox Business and Fox News, posted a 31% jump in revenue from higher affiliate fees that offset a decline in subscribers. Advertising revenue was up 32% on higher news ratings, prices and digital ad sales, along with higher ratings for Major League Baseball's post-season.
The company's television segment logged 16% higher revenue thanks to the strong MLB ratings, higher prices for National Football League advertisements, political ads and growth for ad-supported video on demand at the Tubi subsidiary.
Shares rose 3.9% to $51.10 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 04, 2025 08:18 ET (13:18 GMT)
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