(Reuters) -Fox Corp beat estimates for quarterly revenue on Thursday, boosted by strong advertising sales at its free streaming platform Tubi.
Advertising revenue grew 6% in the quarter, primarily due to continued digital growth at Tubi and stronger ratings and pricing across Fox’s news and NFL broadcasts.
The results highlight the company’s continued reliance on digital growth and live programming to offset pressure from a soft cable TV market and rising content costs.
Tubi continued to be a bright spot for Fox, widening the company’s footprint in the fast-growing ad-supported streaming market and pulling in younger, cord-cutting viewers who are turning away from traditional television.
The company’s first-quarter revenue rose 5% to $3.74 billion, compared with the estimates of $3.57 billion, according to data compiled by LSEG.
(Reporting by Kritika Lamba in Bengaluru; Editing by Anil D’Silva)
