(Reuters) -Fox Corp surpassed quarterly revenue and profit expectations on Tuesday, driven by higher political advertising on its news network and an uptick in commercials on its Tubi streaming service.
Shares of the New York-based company were up 4% before the bell.
The U.S. presidential election in November drove a surge in ad spending across traditional media, with research firm Magna Global estimating political commercials brought in $6 billion of revenue. That helped power the industry’s best year for ad sales in well over a decade, barring the post-COVID rebound of 2021.
Fox said it also benefited from higher Major League Baseball season ratings.
Revenue for the second quarter stood at $5.08 billion, beating estimates of $4.85 billion, according to data compiled by LSEG.
On an adjusted basis, Fox made a profit of 96 cents per share in the quarter ended Dec. 31, compared with estimates of 67 cents.
(Reporting by Rishi Kant in Bengaluru; Editing by Devika Syamnath)
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