News Corp’s quarterly revenue fell 4.5 per cent, the third straight quarter of decline, as revenue declined further in its core news and information services business, which includes Dow Jones and the Wall Street Journal.
Total revenue fell to $US2.01 billion from $US2.11 billion.
The net income available to the company’s stockholders rose to $US175 million, or 30 cents per share, in the first quarter ended Sept. 30 from $US65 million, or 11 cents per share, a year earlier. The company was boosted by a one-off tax benefit related to the sale of its digital education business.
But earnings before tax, depreciation, and amortization, fell 11% in the quarter, mainly due to a weak print advertising market in Australia – where ad revenue dropped by 30% – and currency fluctuations. Advertising revenue in its news and information unit dropped 13%
On the earnings call, News Corp chief executive Robert Thomson said, as reported by The Wall Street Journal: “While we have experienced understandable challenges in a couple of our businesses this quarter, we remain confident in our overall plans for digital and global expansion.”
(Reporting by Lara O’Reilly and Reuters staff: Devika Krishna Kumar and Kshitiz Goliya)
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