Fox beats estimates for quarterly revenue

(Reuters) – Broadcaster Fox Corp beat estimates for third-quarter revenue on Tuesday, as recession-wary companies continued to advertise on its network even as they cut their spending on other marketing channels.

Shares of the company rose over 3% in premarket trading.

Total revenue rose 18% to $4.08 billion in the quarter ended March 31, inching past analysts’ estimates of $4.03 billion, according to Refinitiv data.

The upbeat results from Fox, which operates Fox News and a range of sports channels, underscore the cautious approach by advertisers who are mostly buying ad slots on dominant networks amid tough economic conditions.