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Political Ad Surge Propels Fox Corp. Past Wall Street Quarterly Estimates
A surge of political ad revenue as the presidential cycle neared its peak helped Fox Corp. beat Wall Street estimates for the quarter ended September 30.
Total revenue climbed 11% from the year-earlier period, hitting $3.56 billion, while adjusted net income zoomed to $1.45 per share from $1.09 in the year-ago quarter. Like its traditional media peers, Fox has been under pressure on the advertising front due to cord-cutting’s impact on linear pay-TV subscriber levels, but its significant news and sports holdings lessen the vulnerability. The current October-to-December quarter should benefit from the end of the election cycle as well as college football and the NFL, along with baseball’s World Series.
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