NEW YORK – Fox Corporation (NASDAQ:FOXA) reported better-than-expected first quarter earnings and revenue, sending shares up 3.87% in trading following the release.
The media company posted adjusted earnings per share of $1.45, surpassing analyst estimates of $1.13. Revenue for the quarter came in at $3.56 billion, topping expectations of $3.38 billion and representing an 11% YoY increase.
Fox's strong performance was driven by growth across multiple segments. Affiliate fee revenues rose 6%, with the Television segment up 10% and Cable Network Programming up 3%. Advertising revenues jumped 11%, boosted by higher political ad spending at FOX Television Stations and continued growth at streaming platform Tubi.
"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 Executive Chair and CEO Lachlan Murdoch.
The company reported quarterly adjusted EBITDA of $1.05 billion, up 21% YoY. Fox attributed the increase primarily to higher revenues, partially offset by increased programming costs at FOX Sports and Tubi.
Fox repurchased approximately $250 million of its Class A common stock during the quarter. As of September 30, the company had $1.15 billion remaining under its share repurchase authorization.
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