Fox Corporation Class A (FOXA) shares surged 6.08% in pre-market trading on Thursday following the company's impressive first-quarter fiscal 2026 results and announcement of a significant share repurchase program. The media giant reported better-than-expected revenue and profit, driven by strong advertising sales and price hikes across its portfolio.

Fox posted quarterly revenue of $3.74 billion, surpassing analyst estimates of $3.57 billion. The company's adjusted earnings per share came in at $1.51, significantly beating the consensus estimate of $1.08. The robust performance was largely attributed to the success of its free streaming platform Tubi, which drove digital growth and advertising revenue. Fox's CEO Lachlan Murdoch noted, "We are delivering for audiences with continued engagement growth across the portfolio which underpins the robust advertising demand we are seeing across sports, news, entertainment and Tubi."

Adding to investor optimism, Fox announced a $1.5 billion accelerated share repurchase program, signaling confidence in its financial outlook. The company plans to repurchase $700 million of Class A common stock and $800 million of Class B common stock, with the transaction expected to close during the second half of fiscal 2026. This strategic move, coupled with the strong quarterly results, has clearly resonated with investors, as reflected in the significant pre-market stock price increase.