News Corp. reported mixed earnings on Thursday with a net loss of $32 million on revenue of $2.43 billion for its fourth fiscal quarter of 2023.
That translates to 14 cents per share of adjusted earnings attributable to News Corp. shareholders. Analysts surveyed by Zacks Investment Research were expecting earnings of 9 cents per share on revenue of $2.49 billion.
The New York-based media company owns the Wall Street Journal, the New York Post, HarperCollins, and a host of Australian and British newspapers including the Times of London and the Sun.
CEO Robert Thomson announced in February that News Corp. would be cutting 1,250 jobs, approximately 5 percent of its employees. Prior to the layoff announcement, News Corp. and Fox News were exploring the potential of a merger, which was called off by the Murdoch family, which controls both companies, in January.
The net loss of $32 million for the quarter was driven by a decrease in book sales and “challenging housing market conditions,” which have impacted News Corp.’s real estate services.
However, the company reported continued growth in the company’s digital-only media subscriptions, primarily at the Wall Street Journal.
During the fourth quarter, total subscriptions at the Wall Street Journal grew 6 percent, to over 3.9 million average subscriptions. Digital-only subscriptions grew 10 percent to 3.4 million average subscriptions. According to the report, digital subscriptions represented 86 percent of totall Wall Street Journal subscribers.
The book publishing branch of News Corp., which includes HarperCollins, saw a revenue decrease of $67 million, a result of lower book sales driven by a lack of consumer demand across the industry.
More to come…
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August 11, 2023 at 03:26AM
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News Corp Reports Mixed Results for Q4 - TheWrap
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