Fox Corp beats revenue estimates on robust political advertising
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FOX Corp beat Wall Street expectations for first-quarter revenue on Monday (Nov 4), as the media company benefited from higher advertising revenue from its streaming service ahead of the US presidential election.
Shares of the company rose over 3.5 per cent in premarket trading.
A large number of people sought out traditional news and television programmes for coverage and live updates on the Nov 5 US 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 US$3.56 billion for the first quarter, compared with estimates of US$3.37 billion, per data compiled by LSEG.
Advertising revenue for the quarter rose around 11 per cent to US$1.33 billion, compared with estimates of US$1.13 billion. REUTERS
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