According to a study:
If you are on the receiving end, Legg says, experiments showed that an overwhelming majority—more than 75 percent—wanted the bad news first. “If people know they are going to get bad news, they would rather get it over with,” she says. Then, if there is good news to follow, “you end on a high note.”
I generally focus on giving the bad news first. I’m happy that this is how people would actually expect it.
Why do this? It helps overcome fears. If someone has constantly in their head – “Oh, what will the bad news be?”, they might ignore the good news altogether.