Fox Corp. reported a strong start to fiscal 2027, with quarterly revenue increasing 22% to $4.57 billion. The result exceeded expectations and was supported by a sharp rise in advertising sales, which grew 47% year over year.
The company attributed the advertising performance in part to the current-year broadcast of the FIFA Men’s World Cup, increased political advertising and continued digital growth led by Tubi. Distribution revenue also increased 9%, including a 10% gain at Cable Network Programming and a 4% rise at Television.
First-quarter profit reached $957 million, compared with $609 million in the same period a year earlier. Earnings per share rose to $2.20 from $1.32, while adjusted EBITDA increased 54% to $1.64 billion.
Fox shares rose more than 5% in premarket trading after the results were released. The company’s fiscal year ends in June.
CEO Lachlan Murdoch said the quarter set records for revenue and adjusted EBITDA, citing growth across advertising and distribution. He also pointed to the World Cup, the start of the college football and NFL seasons, and an active national and local election cycle as contributors to the performance.
Fox executives were scheduled to discuss the results on a call at 8:30 a.m. Eastern Time. Analysts were expected to seek further details about Roku, as Fox continues preparations to complete its $22 billion cash-and-stock acquisition of the streaming company.
Shareholders of both companies approved the transaction last month. The deal remains subject to regulatory review and is expected to close in early 2027.
Sources: Deadline.