Fox Corp (NASDAQ:FOX) shares climbed 3% in premarket trading on Monday after the media company reported third-quarter revenue that came in ahead of Wall Street expectations.
The company generated quarterly revenue of $3.99 billion, surpassing the average analyst forecast of $3.82 billion.
Advertising Momentum Supports Results
Fox said the stronger-than-expected performance was driven by solid advertising demand across its sports and news businesses, alongside continued expansion of its Tubi streaming platform.
“This strong performance, led by robust core advertising trends, underscores FOX’s leadership in live programming, bolstered by continued strength at our leading free streaming service, Tubi,” Chief Executive Lachlan Murdoch said in a statement.
Live Content and Streaming Continue to Drive Growth
The latest results highlight Fox’s continued ability to benefit from advertiser demand for live sports and news programming, areas that remain attractive to brands seeking large real-time audiences.
At the same time, the company’s free ad-supported streaming service Tubi continues to gain market share as consumers increasingly migrate toward digital viewing platforms.