Fox Corporation Class A (FOXA) shares surged 5.04% during intraday trading on Thursday, extending earlier premarket gains after the media giant reported fiscal fourth-quarter results that handily beat Wall Street expectations. The rally was fueled by a blockbuster advertising performance driven by the FIFA Men's World Cup and continued digital growth at its Tubi streaming platform.

The company posted quarterly revenue of $4.21 billion, up 28% year-over-year and well above the $3.64 billion consensus estimate. Adjusted earnings per share came in at $1.79, crushing the $1.42 analyst forecast by over 26%. Advertising revenue soared 78% to $1.92 billion, with the television segment seeing ad sales more than double to $1.46 billion, primarily due to the World Cup broadcast. Fox CFO Steve Tomsic noted that the success of the World Cup, combined with the early stages of the midterm political cycle, drove continued advertising momentum across national, local, and digital portfolios.

Tubi delivered its most-streamed and highest-revenue quarter ever, with revenue growth accelerating to 35% and total viewing time up 17%. The platform closed the fiscal year with 110 million monthly active users. Additionally, the board raised the semi-annual dividend to $0.29 per share from $0.28, signaling confidence in ongoing cash generation. Looking ahead, the company expects the World Cup benefit to continue into the first quarter of fiscal 2027.