Shares of Fox Corporation (NASDAQ: FOXA) surged 5.59% in pre-market trading on Monday following the company's impressive third-quarter earnings report. The media giant significantly outperformed analyst expectations, demonstrating resilience in a challenging market environment.

Fox reported adjusted earnings per share of $1.10 for the fiscal third quarter, handily beating the analyst consensus estimate of $0.90. This represents a 22.22% surprise to the upside and a slight increase from $1.09 per share in the same period last year. The company's quarterly revenue also exceeded expectations, coming in at $4.37 billion compared to the estimated $4.16 billion, marking a substantial 26.78% year-over-year increase from $3.45 billion.

The strong performance was attributed to several factors, including the broadcast of Super Bowl LIX, higher pricing, and increased news ratings. Fox's cable network business saw a 12% gain from higher news ratings, improved pricing, and growth in digital ad revenue. The television segment experienced a remarkable 40% jump in revenue, primarily due to the Super Bowl broadcast and growth in its Tubi streaming service. However, operating costs also surged by 45% to $2.97 billion, mainly due to higher sports programming rights and production costs associated with the Super Bowl.