🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

UPDATE 2-News Corp revenue rises unexpectedly, snaps five quarters of declines

Published 2016-08-08, 06:09 p/m
© Reuters.  UPDATE 2-News Corp revenue rises unexpectedly, snaps five quarters of declines
DJI
-
NWSA
-
TFCFA
-
TRI
-

(Adds details)

Aug 8 (Reuters) - Rupert Murdoch's News Corp NWSA.O reported an unexpected 5.1 percent rise in quarterly revenue, helped by growth in its digital real estate business and in its news division that houses the Wall Street Journal and the New York Post.

An extra week in the fourth quarter ended June 30 also helped the New York-based company's revenue rise in the quarter and snap a streak of five straight quarters of declines.

The company's revenue rose to $2.23 billion from $2.12 billion. Analysts on average were expecting revenue to fall to $2.06 billion, according to Thomson Reuters I/B/E/S.

Revenue in News Corp's news and information division, its biggest, rose 1 percent to $1.42 billion. This is the first time the unit's revenue has increased since the company split from Twenty-First Century Fox FOXA.O in mid-2013.

The unit also includes the Dow Jones Newswires as well as the Times and the Sun in the UK and newspapers in Murdoch's native Australia.

The company emphasized that global print ad trends remained "challenging", but said it would continue its aggressive growth in digital.

"Digital subscriptions continue to grow and now account for approximately 45% of the subscriber base, while print sales have also risen tangibly in recent months," Chief Executive Robert Thomson said in a statement.

Thomson Reuters TRI.N TRI.TO , the parent of Reuters News, competes for financial customers with News Corp's Dow Jones and Bloomberg LP.

Revenue in News Corp's fast-growing online real estate services business rose 21.2 percent to $229 million, primarily from growth in its REA Group and Move businesses, as well as the acquisitions of iProperty and Diakrit.

Revenue in News Corp's book publishing business, which includes HarperCollins, rose 11 percent to $433 million, driven by sales of popular titles such as "The Nest" by Cynthia D'Aprix Sweeney and "The Rainbow Comes and Goes" by journalist Anderson Cooper.

News Corp reported net income available to shareholders of $89 million, or 15 cents per share, compared with a net loss of $379 million, or 65 cents per share.

Excluding items, it earned 10 cents per share from continuing operations, missing analysts' estimates of 13 cents.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.