Fox Corporation Class B (NASDAQ: FOX) shares are soaring 5.04% in pre-market trading on Thursday, following the company's impressive fiscal first-quarter earnings report that surpassed analyst expectations.

The media giant reported adjusted earnings per share of $1.51, significantly beating the analyst consensus estimate of $1.08 by 40.07%. This represents a 4.14% increase from the $1.45 per share reported in the same period last year. Fox's quarterly revenue also outperformed, coming in at $3.738 billion, exceeding the analyst forecast of $3.570 billion by 4.70% and marking a 4.88% year-over-year increase.

The strong performance was driven by higher engagement and advertising demand across Fox's portfolio. The company's cable-network business, which includes Fox Sports 1, Fox Business, and Fox News, saw a 4.1% revenue increase to $1.66 billion. The television segment also performed well, with revenue rising 5% to $2.05 billion. Notably, advertising revenues grew by 6%, with Fox's Tubi streaming service being a significant contributor. CEO Lachlan Murdoch highlighted the company's success in delivering content that drives audience engagement, underpinning robust advertising demand across sports, news, entertainment, and Tubi. Additionally, Fox announced a $1.5 billion accelerated share-repurchase program, further boosting investor confidence.