May 6, 2020 / 8:24 PM / a month ago

Fox Corp quarterly revenue tops estimates as Super Bowl boosts viewership

FILE PHOTO: A Fox News channel sign is seen on a television vehicle outside the News Corporation building in New York City, in New York, U.S. November 8, 2017. REUTERS/Shannon Stapleton

(Reuters) - Fox Corp (FOXA.O) beat Wall Street estimates for third-quarter revenue and profit on Wednesday as Super Bowl broadcast boosted television viewership, sending the company’s shares up more than 2% in extended trading.

Revenue from the company’s television unit jumped 40.5% to $1.93 billion in the third quarter.

Net income attributable to shareholders fell to $78 million, or 13 cents per share, in the quarter ended March 31, from $529 million, or 85 cents per share, a year earlier.

On an adjusted basis, the company earned 93 cents per share, beating analysts’ estimate of 70 cents per share, according to IBES data from Refinitiv.

Total revenue rose to $3.44 billion from $2.75 billion, above analysts’ average estimate of $3.33 billion.

Reporting by Munsif Vengattil in Bengaluru; Editing by Vinay Dwivedi

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