Fox 1Q Profit Rises as World Cup Boosts Ad Sales

Dow Jones11-02 21:00

Fox Corp.'s quarterly profit and revenue gained as the FIFA World Cup drove up advertising sales.

The media company on Monday posted a fiscal first-quarter profit of $957 million, or $2.20 a share, compared with $609 million, or $1.32 a share, a year earlier.

Adjusted earnings per share were $2.54, compared with analyst estimates of $2.08, according to FactSet.

Revenue climbed 22% to $4.57 billion, compared with analyst estimates of $4.32 billion.

Advertising revenue jumped 47% due to the FIFA World Cup as well as a boost from political advertising and Fox's streaming platform Tubi.

Distribution revenue also rose, up 9% on growth in Fox's cable network and television segments.

Fox Corp. and Wall Street Journal parent News Corp share common ownership.

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