Fox Q1 Results Top Estimates

(RTTNews) - Fox Corp. (FOXA, FOX) on Monday reported that net profit for the first quarter more than doubled last year, primarily reflecting 11 percent revenue growth amid record political advertising and continued growth at Tubi. Both adjusted earnings per share and quarterly revenues topped analysts' expectations.

The profit growth was also aided by the change in fair value of the Company's investments recognized in net non-operating other income.

In pre-market trading on the Nasdaq, Fox shares are trading at $44.00, up $2.12 or 5.06 percent.

"Fiscal 2025 is off to a solid start across our portfolio with strong audience growth at FOX News, record political advertising across the company, accelerating revenue growth at Tubi and a compelling start to our fall sports calendar," said Lachlan Murdoch, Executive Chair and CEO.

For the first quarter, the company reported a net income attributable to Fox stockholders of $827 million or $1.78 per share, sharply higher than $407 million or $0.82 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $1.45, compared to $1.09 per share in the prior-year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 11 percent to $5.56 billion from $3.21 billion in the same quarter last year, as advertising revenues increased 11 percent, primarily reflecting higher political advertising revenues at the FOX Television Stations and continued growth at Tubi. Analysts had a consensus revenue estimate of $3.37 billion for the quarter.

Affiliate fee revenue increased 6 percent to $1.84 billion from last year, driven by 10 percent growth at the Television segment and 3 percent growth at the Cable Network Programming segment.

Advertising revenue grew 11 percent to $1.33 billion from last year, primarily due to higher political advertising revenues at the FOX Television Stations, continued growth at Tubi, higher ratings and higher pricing in the direct response marketplace at FOX News Media, and the impact of the "Summer of Soccer" at FOX Sports.

Other revenues surged 47 percent to $392 million, primarily due to higher sports sublicensing revenues at the national sports networks.

Revenue for Cable Network Programming improved 15 percent to $1.60 billion from last year, and revenue for Television grew 10 percent to $1.95 billion from last year.

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