Nov 4 Reuters Fox Corp beat Wall Street expectations for firstquarter 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 adsupported 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
Source Reuters