What happened

Fox (NASDAQ:FOX) (NASDAQ:FOXA) outperformed a surging stock market last month. Shares rose 13% in May compared with a 4.5% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.

The increase pared some of the media giant's recent losses, but the stock is still down 17% so far in 2020.

A man watching TV.

Image source: Getty Images.

So what

Investors were pleased with Fox's fiscal third-quarter earnings report, which came out on May 6. In that announcement, the company revealed a 25% revenue spike, mainly due to its airing of the Super Bowl in early February. Affiliate revenue and advertising sales jumped, and adjusted earnings improved to $920 million from $766 million a year ago.

Now what

Fox's report only covered the period that ended on March 31, which leaves most of the COVID-19 impact for the fiscal fourth quarter and beyond. Executives said that so far, advertising revenue and ratings have declined due to the cancellation of many sporting events. Those figures should rebound quickly for the media giant, though, assuming organizations like the NFL and NCAA proceed with their football seasons as usual.