Fox Corp. Sees Q1 Profit Hike on World Cup, Political Ads

Fox Corporation reported higher profit and revenue for its fiscal first quarter, supported by advertising around its FIFA World Cup coverage, political campaigns and sports events. The results show how live events and established TV brands can attract advertising and subscriber income as traditional media companies compete in a streaming-focused market.

Revenue reached $4.57 billion, up 22% or $833 million, while net income attributable to shareholders rose to $943 million, or $2.20 per share, from $599 million, or $1.32, a year earlier. Advertising revenue increased 47%, and fees from distributors rose 9%; cable networks revenue grew 8% to $1.8 billion, while traditional TV revenue climbed 32% to $2.71 billion.