Lower costs help offset ad revenue weakness as Fox profit beats estimates

Fox also posted a net income of $666 million, compared with a loss of $54 million a year earlier. The company's ad revenue fell by more than a third in the first three months of the year. Ad revenue was down a third as Fox grappled with the lack of a Super Bowl broadcast and fewer NFL games.

Fox Corp beats Wall Street estimates for third-quarter profit. Ad revenue tumbled more than 15% on weakness in its advertising business. Fox also posted a net income of $666 million, compared with $54 million a year earlier. Shares of the company behind the Fox sports network and Fox News were up 1.3% in early trading.