Fox Earnings Jump on Record Political Advertising -- WSJ

Dow Jones11-04 21:02

By Ben Glickman

Fox's profit doubled in its latest quarter, as surging political advertising on its television networks ahead of Tuesday's presidential election helped boost revenue more than Wall Street expected.

The broadcaster on Monday said advertising revenue rose 11% compared to the same quarter last year, aided by political advertising and growth at Tubi, its free streaming service.

Fox's cable-network business, which includes Fox Sports 1, Fox Business and Fox News, posted 15% revenue growth in the three months ended Sept. 30. The company said that higher ratings and pricing both boosted advertising in the segment.

Fox and The Wall Street Journal's parent company, News Corp, share common ownership.

Some key numbers from Fox's fiscal first-quarter report:

-- Fox posted a profit of $827 million, up from $407 million in the prior-year quarter. Analysts were expecting $522 million, according to FactSet.

-- Revenue rose 11% to $3.56 billion, ahead of the $3.38 billion expected by Wall Street analysts.

-- Stripping out some one-time expenses and charges, profit was $1.45 a share, where analysts had expected $1.14.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 04, 2024 08:02 ET (13:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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