News Corp posts US$2.28B first quarter revenue
Key points
- News Corp reported US$2.28 billion in revenue for the first quarter, representing a 6% increase compared to $2.14 billion in the prior year.
- Net income increased 43% to US$215 million, while total segment EBITDA rose 19% to $403 million.
- Operational gains across the Digital Real Estate Services, Book Publishing, and Dow Jones segments drove overall earnings performance.
Media conglomerate News Corporation (ASX:NWS) reported a 6% increase in first-quarter revenue to US$2.28 billion for the period ended Sept. 30.
The quarterly revenue performance compared against US$2.14 billion in the prior year, driven by expansion across digital real estate, publishing, and financial media divisions.
“These results herald our fourteenth consecutive quarter of year-over-year profitability growth. Our three engines of growth – Digital Real Estate Services, Dow Jones and Book Publishing – collectively delivered robust results despite volatile economic conditions,” said News Corporation CEO Robert Thomson.
The company reported earnings per share of US$0.29, up from US$0.20 last year, alongside an adjusted earnings per share figure of US$0.28.
Revenues at the Dow Jones division expanded 8% over the period, supported by an 11% increase in Risk & Compliance revenues and an 8% rise in Energy division revenues.
Digital Real Estate Services segment performance included a 13% revenue rise at REA Group and a 5% revenue increase at Realtor.com operator Move.
At its News Media division, revenues decreased $5 million, or 1%, compared to the prior year, primarily due to lower other revenues and lower print advertising revenues, partially offset by a $17 million, or 3%, positive impact from foreign currency fluctuations.
Book publishing revenues in the quarter increased $48 million, or 9%, compared to the prior year, driven by higher physical and digital book sales, reflecting strength in general books and children's publishing.
Following the announcement, the News Corporation share price was unchanged at $46.43.
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