Why Shares of Fox Corp. Are Gaining Today
Shares of Fox Corp. (NASDAQ: FOX) gained more than 5% on Thursday, after the newly streamlined media company reported better-than-expected earnings, on higher cable and satellite fees and strong content licenses.
Fox was spun out as an independent earlier this year as part of Walt Disney's $71 billion acquisition of the television and studio businesses of Twenty-First Century Fox. After markets closed Wednesday, it reported fiscal first-quarter adjusted earnings of $0.83 per share on revenue of $2.67 billion, topping analyst expectations for $0.69 per share in earnings on sales of $2.6 billion.
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Source Fool.com
