Fox Corp Class A (NASDAQ:FOXA) stock rose 4.32% (As on May 13, 11:19:34 AM UTC-4, Source: Google Finance) after the company beat Wall Street estimates for third-quarter revenue as the media company benefited from strong advertising driven by the Super Bowl. Advertising revenue increased 65 per cent to $2.04 billion, beating an estimate of $1.67 billion. An estimated 127.7 million viewers tuned in for the Super Bowl National Football League championship broadcast by Fox, the largest audience in TV history for a single-network telecast, the Nielsen ratings agency said in February. The Super Bowl is the biggest event on U.S. television each year and its audience has increased in recent years, while viewership for much of traditional TV has declined. Meanwhile, Fox Corp is all set to launch its own direct-to-consumer streaming service, Fox One, ahead of the National Football League (NFL) season this fall. The streaming service Fox One is designed specifically for ‘cord-nevers’ – the audience that has never subscribed to cable or satellite TV services. Adjusted net income attributable to Fox Corporation stockholders was $507 million as compared to the $520 million reported in the prior year quarter.

FOXA in the third quarter of FY25 has reported the adjusted earnings per share of $1.10, beating the analysts’ estimates for the adjusted earnings per share of 89 cents. The company had reported the adjusted revenue growth of 27 percent to $4.37 billion in the third quarter of FY25, beating the analysts’ estimates for revenue of $4.18 billion, according to data compiled by LSEG. Affiliate fee revenues increased 3%, driven by 4% growth at the Television segment and 3% growth at the Cable Network Programming segment. Quarterly Adjusted EBITDA was $856 million as compared to the $891 million reported in the prior year quarter, as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX and higher digital content and marketing costs. Cable Network Programming reported quarterly segment revenues of $1.64 billion, an increase of $164 million or 11% from the amount reported in the prior year quarter. Television reported quarterly segment revenues of $2.70 billion, an increase of $766 million or 40% from the amount reported in the prior year quarter.

Additionally, as of March 31, 2025, the Company has repurchased approximately $5.35 billion of its Class A common stock and approximately $1 billion of its Class B common stock, with a remaining authorization of $650 million. During the quarter, the Company repurchased approximately $250 million of its Class A common stock