Strong political advertising led Fox Corp. to a strong quarter, with ad revenue rising and profits more than doubling from a year ago.
Fox reported revenue of $3.56 billion, up 11% from the previous year, including advertising revenue of more than $1.3 billion, also up 11%. Meanwhile, net income was $832 million, more than double profits of $415 million a year ago. That gain, however, was skewed by the value of Fox's option in the FanDuel sports betting platform.
The company typically sees the most revenue from political advertising in its broadcast segment, which includes both the Fox broadcast network and Fox local television stations.
In the company's television segment, which includes the Fox broadcast network and streaming service Tubi, revenues were $1.95 billion, driven by increased political advertising as well as Fox Sports' NFL and football coverage .
In the cable segment, led by Fox News, revenues were $1.6 billion, thanks to rate increases and higher ratings.
“Fiscal 2025 is off to a strong start for our portfolio with strong audience growth on Fox News, record political advertising across the company, accelerating revenue growth on Tubi and a compelling start to our sports calendar fall,” Fox CEO Lachlan Murdoch said in a statement. “Collectively these contributions combined to deliver particularly strong financial results in our fiscal first quarter, driven by notable revenue and earnings growth. Our strategy and focus are delivering results for our audiences, advertising and distribution partners and Fox shareholders.”
More to come.