May 8 (Reuters) - Fox Corp ( FOXA ) beat Wall Street

estimates for third-quarter profit on Wednesday, due to lower

expenses, even as its revenue tumbled more than 15% on weakness

in its advertising business.

The media company benefited from a near 25% fall in

operating expenses in the quarter. That helped it report an

adjusted profit of $1.09 per share, compared with LSEG estimates

of 96 cents.

Shares of the company behind the Fox sports network and Fox

News were up 1.3% in early trading.

Fox also posted a net income of $666 million, compared with

a loss of $54 million a year earlier, thanks to the absence of

charges tied to its settlement last year with Dominion Voting

Systems.

The company's ad revenue fell by more than a third in the

first three months of the year as Fox grappled with the lack of

a Super Bowl broadcast and fewer National Football League games.

Media companies have seen a decline in ad dollars in the

past year as an uncertain economic environment pressured

spending at marketers.

Fox reported total revenue of $3.45 billion for the period,

compared with $4.08 billion a year earlier. The figure was in

line with estimates.

As part of its efforts to grow business, Fox in February

agreed to form a sports-streaming joint venture with Walt Disney ( DIS )

and Warner Bros Discovery ( WBD ).

The venture is expected to have 5 million subscribers in the

first five years, Fox Corp ( FOXA ) CEO Lachlan Murdoch has said.