Fox Corporation Class A (FOXA) shares soared 8.04% during intraday trading on Monday, following the release of better-than-expected fiscal third-quarter 2026 results and the announcement of additional NFL broadcasting rights.
The media company reported adjusted earnings per share of $1.32, significantly beating the analyst consensus estimate of $0.97. Quarterly revenue came in at $3.99 billion, also surpassing the estimated $3.82 billion. The strong performance was driven by robust growth in the company's Tubi streaming service, which saw a 19% increase in total view time, and higher distribution fees from cable and satellite subscribers.
Additionally, Fox announced it has acquired rights to two additional NFL regular-season games for the upcoming 2026-27 season, including one international game from Munich. This expansion of its sports portfolio comes amid a strong advertising market, with company executives noting healthy scatter prices and growth in pharmaceutical, technology, and finance advertising categories. Excluding the impact of not broadcasting the Super Bowl this year, Fox's total advertising revenue would have grown by double digits compared to the prior year quarter.
Comments