Fox Corp posted stronger-than-expected first-quarter earnings Monday, boosted by a surge in advertising sales from this summer’s FIFA World Cup and the midterm elections despite a slowdown in Fox News ratings.
Quarterly revenue at the media company jumped 22% to $4.57 billion, with advertising sales up 47% in the period, with streaming platform Tubi also contributing to the ad gain.
The company said on an analyst call Monday that it reeled in $350 million in political advertising spending across the firm during the midterm cycle.
Fox said its first-quarter income rose to $957 million, or $2.20 a share versus year-ago profit of $609 million, or $1.32 a share. Adjusted EPS totaled $2.54.
Wall Street expected EPS of $2.02 on revenue of $4.32 billion.
Company Chief Executive Lachlan Murdoch told investors that an October dip in ratings at its Fox News network — weeks ahead of the midterm election — was due to “viewer fatigue” and particularly strong ratings a year earlier.
He noted that it was not indicative of larger viewership problems.
Last year, Fox attracted a steady stream of viewers after the September 2025 death of conservative activist Charlie Kirk, as well as multiple natural disasters.
“We’ve seen this playbook and know how to move through it,” Murdoch said.
Fox’s prime-time viewership fell 28% in October from the year-ago period, according to Nielsen. The network still remains the most-watched cable news network, ahead of MS Now and CNN, however.
Fox Corp and New York Post parent News Corp share common ownership.