Feb 7 (Reuters) - Broadcaster Fox Corp beat analysts' estimates for second-quarter revenue on Wednesday, helped by an increase in sports licensing on the company's networks, sending the company's shares up 5%.
The company reported revenue of $4.23 billion, compared with analysts' estimates of $4.20 billion, according to LSEG data.
"Fox Sports continues to benefit from the power of live sports programming ... while Tubi has been resilient in an increasingly competitive market," CEO Lachlan Murdoch said.
The company recorded advertising revenue of $2 billion in the quarter, beating estimates of $1.96 billion.
The results bode well for Fox's television networks and news channels as advertisers shore up spending on the back of cooling inflation after cutting back last year.
Reporting by Zaheer Kachwala in Bengaluru; Editing by Shounak Dasgupta
Source: Reuters