Fox Revenue Climbs 22% as World Cup and Election Ads Lift Sales

Fox Corp. reported fiscal first-quarter net income of $943 million, or $2.20 a share, on November 2. Adjusted earnings were $2.54 per share, above analyst expectations. Revenue of $4.57 billion also topped forecasts, increasing 22% from a year earlier.

Advertising revenue rose 47%, with the World Cup telecasts and political advertising among the main drivers. Fox said it collected $350 million in political ad spending across the company during the midterm cycle. Tubi also contributed to the advertising increase. Distribution revenue grew 9%, including a 10% rise at cable networks and a 4% increase at television operations.

Cable network revenue increased 8% to $1.8 billion, while traditional television revenue rose 32% to $2.71 billion. CEO Lachlan Murdoch said the World Cup, the start of college football and NFL seasons, and election activity supported results across the business. He described the quarter as a strong start to the fiscal year and said the company aimed to deliver value for shareholders.