Fox Corporation reported strong financial results for the first quarter of fiscal year 2025, with revenue and earnings surpassing Wall Street estimates. The media conglomerate recorded revenue of $3.56 billion, an 11% increase from the prior year period and higher than the $3.37 billion consensus estimate. Net income nearly doubled to $832 million, driven by robust advertising revenue and growth across its streaming platform.
A key growth driver for Fox in the quarter was a surge in political advertising revenue across its channels, including Fox News, ahead of the U.S. presidential election. As viewers tuned in for live election coverage and updates, the company benefited from heightened ad spending by political campaigns and interest groups.
Fox's ad-supported streaming service Tubi also experienced significant growth, contributing to an 11% increase in overall advertising revenue to $1.33 billion. The company's chief executive, Lachlan Murdoch, highlighted the continued momentum of Tubi, citing its ability to attract cord-cutters and capitalize on the growing demand for streaming content.
In addition to advertising gains, Fox saw a 6% increase in affiliate fee revenue from cable and satellite providers, aided by rate increases and a loyal subscriber base. The company's broadcast of major sporting events, such as the UEFA European Championship and CONMEBOL Copa América, further bolstered revenue and viewership during the quarter.
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