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Fox stock price rises 3% before the market opens; strong advertising revenue drives better-than-expected performance
Investing.com -- Fox Corporation (NASDAQ:FOXA) stock rose 3% pre-market on Monday, after the media company reported third-quarter revenue that exceeded Wall Street expectations.
The company's quarterly revenue reached $3.99 billion, surpassing the analyst average forecast of $3.82 billion. The performance highlights mainly stem from strong advertising sales in Fox Sports and News divisions, as well as continued growth of its Tubi streaming service.
CEO Lachlan Murdoch stated in a release, "This strong performance is driven by solid growth in our core advertising business, demonstrating FOX's leadership in live programming, while the sustained strength of our leading free streaming platform Tubi also provides strong support for overall results."
The revenue beat expectations thanks to Fox's ongoing ability to capitalize on the strong demand for sports broadcasting and news content. Such content helps the company attract advertisers seeking to reach large audiences in real time. Meanwhile, as viewers accelerate their shift to digital platforms, its free streaming service Tubi continues to gain market recognition, with an expanding user base.
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62.94
▲+0.25(+0.40%)
Close·09/05·USD
66.66
▲+3.72(+5.91%)
Pre-market·12:19:52
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