Fox Corporation (NASDAQ:FOXA) shares jumped 5.59% in pre-market trading on Monday following the release of its impressive third-quarter financial results. The media giant reported earnings that surpassed Wall Street expectations, driven by its successful broadcast of Super Bowl LIX and improved news ratings.

The company posted adjusted earnings of $1.10 per share for the fiscal third quarter, significantly beating the analyst consensus estimate of $0.90. Revenue for the quarter surged 27% year-over-year to $4.37 billion, outpacing the expected $4.16 billion. The strong performance was largely attributed to Fox's television segment, which saw a 40% jump in revenue, primarily due to the Super Bowl broadcast and growth in its Tubi streaming service.

Fox's cable network business also contributed to the positive results, logging a 12% gain from higher news ratings, increased pricing, and growth in digital ad revenue. However, the company faced higher operating costs, which surged 45% to $2.97 billion, mainly due to increased sports programming rights amortization and production costs associated with the Super Bowl broadcast.

Investors are responding positively to Fox's ability to leverage high-profile sporting events and its strong news division to drive growth, despite the challenging media landscape. The pre-market stock surge reflects confidence in the company's strategic positioning and its capacity to monetize major events effectively.