Shares of Fox Corporation Class B (FOX) surged 5.15% in intraday trading Thursday, following the company's release of fiscal fourth-quarter financial results that significantly exceeded analyst expectations.

The media giant reported adjusted earnings of $1.79 per share, surpassing the consensus estimate of $1.42. Quarterly revenue came in at $4.21 billion, a 28% increase from the prior year and well above the projected $3.64 billion. The standout performance was driven by a 78% surge in advertising revenue, largely attributed to the broadcast of the FIFA Men's World Cup. The company's streaming platform, Tubi, also contributed to digital advertising growth.

In addition to the strong financial results, Fox's board approved a dividend increase to $0.29 per share from the prior $0.28, further signaling confidence in the company's financial health.