News Corp shares rise 2.6% on earnings beat

The news: Media conglomerate News Corp has reported a sharp decline in full-year profit, weighed down by lower revenues at its property listings and book publishing businesses.

The numbers: Net profit for the year to 30 June fell to $US187 million ($287 million) from $US760 million, while revenue was down 5% to $US9.88 billion. The company reported a $US32 million net loss in the June quarter, from a $US127 million profit a year earlier, while revenue was down 9% to $US2.43 billion.

The context: The media group said the results highlighted the durability and depth of its revenue streams and the impact of stringent cost controls as it navigated challenging macro conditions, supply chain pressures and currency headwinds.

What they said: “Our results showed marked improvement in the second half, so with inflation abating, interest rates plateauing and incipient signs of stability in the housing market, we have sound reasons for optimism about the coming quarters,” News Corp chief executive Robert Thomson said.