Fox Corporation's Q3 Earnings Surge with Super Bowl Ad Revenue

Published 1 hours agoFOX

Fox Corporation's Q3 Earnings Surge with Super Bowl Ad Revenue

Fox Corporation has reported a notable surge in its third-quarter earnings, driven by an impressive performance in advertising revenue during Super Bowl LIX. The company set a new industry record by generating over $800 million in gross advertising revenue from the game, which saw a remarkable viewership of 127.7 million on average, peaking at 137.7 million in the second quarter.

Supporting this strong financial performance, Fox's quarterly revenue climbed by 27% to reach $4.37 billion, outpacing analyst predictions of $4.18 billion. The advertising segment alone saw a 65% boost, hitting $2.04 billion, well beyond the estimated $1.67 billion. In addition, the adjusted earnings per share came in at $1.10, ahead of the expected $0.91, as reported by Reuters.

In a forward-looking move, Fox announced the launch of a new subscription-based streaming service, 'Fox One,' slated to debut before the upcoming fall football season. This initiative is part of Fox’s strategy to broaden its viewer base by tapping into audiences that are moving away from traditional cable, thereby aligning with the ongoing shifts in the media landscape.

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