Fox Corporation exceeded Wall Street’s revenue forecasts for the first quarter, driven by a surge in political advertising leading up to the US presidential election.

The broadcaster posted an 11 percent increase in revenue, totaling $3.56 billion, surpassing analysts’ predictions of $3.37 billion.

In the three-month period ending in September, advertising revenue rose 11 percent to $1.33 billion, mainly due to elevated political ad spending in Fox’s television sector.

Additionally, significant growth was reported at Tubi, Fox’s ad-supported streaming service, alongside a boost from its “Summer of Soccer” events through Fox Sports, which included coverage of the UEFA European Championship and the Conmebol Copa América.

Fox’s stock experienced a rise of $1.12, representing a 2.7 percent increase, closing at $43.

The company operates major television networks like Fox News and Fox Sports and shares ownership with News Corporation, the parent company of The Times.

For the television division, Fox reported revenues of $1.95 billion, exceeding the forecast of $1.92 billion, attributed to increased advertising revenues linked to the UEFA Championship broadcasts on Fox Sports.

Revenue from Fox’s Cable Network Programming amounted to $1.6 billion, outperforming analysts’ estimates of $1.41 billion.

Fox announced a net income of $832 million for the quarter, a significant rise from $415 million during the same quarter last year.

Lachlan Murdoch, executive chairman and CEO of Fox Corporation, commented: “Fiscal 2025 is off to a robust start for our portfolio, with impressive audience growth at Fox News, record levels of political advertising throughout the company, increasing revenue at Tubi, and an exciting start to our fall sports lineup.

“These factors combined have led to particularly strong financial outcomes in our fiscal first quarter, marked by notable revenue and earnings growth.”