News Corp books slight revenue bump despite global uncertainty
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The news: News Corp has reported a slight increase in third-quarter revenue — driven by growth in Dow Jones, its digital real estate business and its book publishing segment — despite global economic uncertainty.
The numbers: Revenue for the quarter grew 1% to USD2.01 billion ($3.1 billion) from USD1.99 billion the previous year. Net income from continuing operations for the quarter was up 67% to USD107 million, the company said, with total segment earnings before interest, taxes, depreciation and amortisation up 12% to USD290 million.
The Murdoch-controlled media giant booked earnings per share of USD0.14 from continuing operations, up on the USD0.07 reported the previous year. Adjusted earnings per share were USD0.17.
Revenue at the company’s Dow Jones segment, publisher of the Wall Street Journal, brought in revenue of USD575 million, while REA Group reported revenue of USD271 million, up 6% on the previous year, driven by a strong Australian residential performance, the company said.
What they said: “The sustained strength of News Corp’s third quarter reflects the company’s strategic transformation. We have pursued digital growth, realigned our assets, focused relentlessly on cost discipline and asserted the essential value of our intellectual property in a changing, challenging content world,” News Corp’s global CEO Robert Thomson said in a statement.
“The completion of the sale of Foxtel to DAZN last month marked a significant moment for News Corp as we continued to focus on our core pillars and on driving growth. The transaction meaningfully strengthened our balance sheet and is expected to increase return on invested capital, and be accretive to earnings per share. It also demonstrates our ongoing commitment to maximising returns for our shareholders.”
The source: News Corp press release
