Fox beats profit estimates as ad market gains momentum

A headline for a story on the health of U.S. President Joe Biden is displayed at the Fox News headquarters in New York City, U.S. March 4, 2023. REUTERS/Chris Helgren/File Phototopped Wall Street expectations for quarterly profit on Tuesday as the Rupert Murdoch-controlled company benefited from an industry-wide uptick in the advertising market, sending the broadcaster's shares up nearly 5%.

Fox's concentrated portfolio of news and sports positions it well compared with peers that have greater general entertainment exposure, according to analysts. Fox reported advertising revenue of $1.01 billion, beating expectations of $985.7 million, according to Visible Alpha. Spending for political ads appears to have started early and is greater than previous election cycles, analysts have said.

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