Fox revenue jumps 5% on strong advertising demand

Core Insights - Fox reported a revenue increase of 4.9% to $3.74 billion in its most recent quarter, surpassing Wall Street estimates of $3.57 billion [1][15] - The company experienced a 6% rise in advertising revenues for the three months ending September 30 [1] - Fox's profit decreased to $599 million, or $1.32 per share, down from $827 million, or $1.78 per share, in the same quarter last year [5] Revenue Breakdown - Fox's cable business, which includes Fox News, Fox Business, and Fox Sports 1, generated $1.66 billion in revenue, reflecting a 4.1% increase from the previous year [3] - The television division reported a revenue increase of 5% to $2.05 billion [4] - The Tubi streaming service, news division, and NFL offerings were significant contributors to advertising revenue [3] Profit and Earnings - Excluding one-time items, Fox reported earnings of $1.51 per share, exceeding analyst expectations of $1.11 [9] - Net income was reported at $609 million, down from $832 million the previous year [5] Strategic Developments - Fox launched its new streaming service, Fox One, which combines programming from Fox News and Fox Sports for $19.99 a month, with adoption exceeding expectations [13] - The company announced a $1.5 billion share buyback program, intending to repurchase $700 million of Class A common stock and $800 million of Class B common stock [13][14]