Newly created standalone cable and news company Fox Corp. (FOXA) on Thursday reported fiscal third-quarter earnings that beat analysts' forecasts on strong results from its broadcast television segment.
In its first quarterly earnings release as a separate media company, Fox Corp. said it earned $741 million, or 85 cents a share, vs. $457 million, or 74 cents a share, in the comparable year-earlier period. Analysts polled by FactSet had been expecting earnings per share of 76 cents.
Revenue came in at $2.75 billion, up 12% from the same period a year ago, the company said. Affiliate fee revenue rose to $1.42 billion from $1.28 billion in the year-ago quarter, while advertising revenue rose to $1.08 billion vs. $1 billion a year earlier.
Shares of Fox Corp. gained 2.5% in early trading on Thursday, rising to $38.34 on the New York Stock Exchange. The TV-focused Fox Corp. was created in March after Walt Disney (DIS) completed its $71.3 billion acquisition of Twenty-First Century Fox.