UPDATE 1-Fox Corp beats revenue estimates on robust political advertising

Reuters11-04 21:11

(Adds share movement in paragraph 2, details and background in paragraphs 3-6)

Nov 4 (Reuters) - Fox Corp beat Wall Street expectations for first-quarter revenue on Monday, as the media company benefited from higher advertising revenue from its streaming service ahead of the U.S. presidential election.

Shares of the company rose over 3.5% in premarket trading.

A large number of people sought out traditional news and television programs for coverage and live updates on the Nov. 5 U.S. presidential election, which boosted advertising spend at channels such as Fox News.

Fox chief executive Lachlan Murdoch pointed to record political advertising across the company and strong growth at its ad-supported streaming platform Tubi.

The company reported revenue of $3.56 billion for the first quarter, compared with estimates of $3.37 billion, per data compiled by LSEG.

Advertising revenue for the quarter rose around 11% to $1.33 billion, compared with estimates of $1.13 billion.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shinjini Ganguli)

((Zaheer.Kachwala@thomsonreuters.com;))

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