11:22 AM EST, 11/04/2024 (MT Newswires) -- Fox (FOX, FOXA) reported stronger-than-expected growth in fiscal first-quarter results on Monday, fueled by record political advertising revenue ahead of US presidential elections.

Revenue rose to $3.56 billion for the three months ended Sept. 30 from $3.21 billion a year ago and topped the $3.37 billion average analyst estimate on Capital IQ. Adjusted earnings per share advanced to $1.45 from $1.09 and beat the Street's $1.12 forecast. Shares of Fox climbed about 4% in Monday trade.

Advertising revenue jumped 11% to $1.33 billion amid higher political ads at the Fox Television Stations and ongoing growth in streaming service Tubi, according to the company.

"During this election cycle, Americans have turned to Fox News more than any other service to cover the key issues and events leading up to tomorrow's election," Chief Executive Lachlan Murdoch said on a conference call, according to a Capital IQ transcript. Total news audience grew more than 40% year over year.

"From a revenue perspective, it's the local stations that are election heroes, but it's not just our stations that are benefiting from strong political spend," Murdoch told analysts.

Tubi was also a "material recipient of political advertising" in the quarter, according to Murdoch. "Tubi's large but hard to reach audience, coupled with its advanced targeting and geo-targeting capabilities have clearly differentiated Tubi as campaigns look to maximize reach and efficiency," he said.

The media giant achieved record company wide political revenue in the first quarter, Murdoch said. An additional National Football League broadcast window and international soccer championships also helped lift advertising revenue.

Affiliate fee revenue rose 6% to $1.84 billion.

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