Fox announced impressive earnings for Q1 on Tuesday, as the upcoming 2024 presidential election and an abundance of live sports events contributed to a 20% increase in quarterly revenue compared to last year, amounting to $5.1 billion. Furthermore, net income surged more than double, reaching $388 million.
In the recent quarter, advertising earnings surpassed $2.4 billion, marking a growth of over $400 million compared to the same period last year.
A new earnings report is due a quarter from now, following Fox’s impressive financial performance during the first fiscal quarter of this year. This surge was primarily fueled by the 2024 election, which significantly increased political advertising. Additionally, Tubi, Fox’s free streaming service, experienced considerable growth during this period as well.
During the financial second quarter, the company benefited positively from the election’s influence. Additionally, exciting events such as the World Series and NFL games were mentioned as key factors contributing to growth.
This upcoming quarter is shaping up to be a significant one for the company, as they are set to host Super Bowl LIX on February 9th. Reports indicate that Fox has already secured over $8 million for each 30-second ad slot, and there’s a considerable list of brands eagerly waiting to secure last-minute advertising spots.
Since President Trump’s election in November, Fox News has consistently ranked as the leader in cable news ratings.
As a devoted fan, I can’t help but be thrilled about the electrifying lineup of fall sports and the historic presidential election news cycle that has unfolded this quarter. In a statement, our CEO, Lachlan Murdoch, expressed his satisfaction with these results, stating they underscore the robustness and versatility of Fox.
From every angle – engagement, monetization, or profitability – our strategic approach of live news and sports programming, complemented by our burgeoning digital initiatives, has proven successful. We are unwaveringly dedicated to creating lasting value for our shareholders through our strategic growth plan, marked by careful consideration and discipline.
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2025-02-04 16:25