Fox shares rise after FOXA beats Q1 profit estimates despite revenue decline

Fox (NASDAQ: FOXA) reported first-quarter 2026 revenue of $3.99 billion, down 8.6% from a year earlier but above Wall Street expectations, while adjusted earnings of $1.32 a share topped consensus estimates by 36.4%. Management said advertising trends were stronger after excluding the prior-year Super Bowl comparison, with CEO Lachlan Murdoch saying ad revenue would have risen by double digits on that basis. Fox also cited higher distribution revenue and continued growth at digital platforms Tubi and Fox One. Shares traded at $67.69 after the report, up from $62.94 before earnings. Fox said the 2026 FIFA Men’s World Cup, the U.S. midterm election cycle and ongoing digital investment will be key drivers in coming quarters, with management pointing to live sports, political advertising and streaming monetization as priorities.