11:10 AM EDT, 05/08/2024 (MT Newswires) -- Fox (FOX, FOXA) posted stronger-than-expected fiscal third-quarter results on Wednesday as an increase in affiliate revenue and growth at streaming app Tubi countered a pullback in advertising that largely reflected the absence of the Super Bowl.

Revenue fell to $3.45 billion for the three months ended March 31 from $4.08 billion a year ago but was ahead of the $3.44 billion average analyst estimate on Capital IQ. Adjusted earnings per share rose to $1.09 from $0.94 and beat the Street's view of $0.96.

"This quarter, Fox continued to distinguish itself from its peers delivering 7% (earnings before interest, taxes, depreciation and amortization) growth and demonstrating again the strength of our brands and the advantages of our strategy," Chief Executive Lachlan Murdoch told analysts on a conference call, according to a Capital IQ transcript.

"This result is even more impressive when considering we are (comping) to last year's third quarter, which enjoyed a significant tailwind from Super Bowl 57," he said.

Affiliate fee revenue climbed to $1.94 billion from $1.86 billion while advertising dropped to $1.24 billion from $1.88 billion. By segment, cable network programming sales declined to $1.47 billion from $1.57 billion.

Television segment sales fell to $1.94 billion from $2.48 billion amid a substantial decrease in advertising related to the absence of the Super Bowl. The company's Tubi streaming app reported revenue growth of 22% amid a 20% increase in monthly active users to just under 80 million and a jump in view time, according to Murdoch.

When adjusting for the Super Bowl and two fewer National Football League playoff broadcasts during the quarter, advertising would have grown by low single digits, Chief Financial Officer Steve Tomsic said on the call.

Fox is expecting "an incredibly strong political season" heading into the US presidential election in November despite what Murdoch said was a disappointing political primary season.

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