Fox tops estimates on World Cup advertising boost
Fox Corporation reported fourth-quarter revenue of $4.21 billion and adjusted earnings of $1.79 per share, surpassing Wall Street expectations. The results were driven by a 78% surge in advertising revenue following record-breaking viewership for the FIFA World Cup and growth at Tubi.
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FOX CORP - CLASS B reported fourth-quarter revenue of $4.21 billion, beating analyst estimates of $3.64 billion after the FIFA World Cup fueled a surge in advertising. The media giant saw its shares rise 2% in premarket trading on Thursday following the results. Investors are rewarding the company's successful capture of massive live-sports audiences as it transitions toward a digital-first streaming model.
