Fox Corp. shares rose as much as 6.9% to their highest level in almost six years after quarterly sales and earnings beat Wall Street forecasts, in part, on higher political ad spending. The company also revealed plans to launch a new streaming service before the end of the year.
The media conglomerate controlled by the Murdoch family reported sales of $5.1 billion for its second fiscal quarter, beating analysts’ estimates of $4.8 billion. Profit, at 96 cents per share after adjustments, surpassed Wall Street’s expectations of 64 cents per share for the period ending in December.
