News Corp posts in-line revenue, earnings beat in Q3

NEW YORK – News Corp (NASDAQ: NASDAQ:) reported third-quarter earnings per share (EPS) of $0.11, aligning with analyst projections. Revenue for the quarter was $2.42 billion, slightly missing the consensus estimate of $2.46 billion. Compared to the same quarter last year, the revenue reflected a 1% decrease from $2.45 billion.

The company’s net income for the quarter was $42 million, a 29% decline from the previous year’s $59 million, primarily due to lower gains from sales, increased impairment and restructuring charges, and higher depreciation and amortization expenses. However, this was partially offset by reduced income tax expense and improved equity losses of affiliates.

News Corp’s digital real estate services and Dow Jones segments showed strength, with REA Group’s revenues climbing 15% to $256 million, driven by a robust Australian residential performance. Dow Jones also saw a 10% increase in professional information business revenues, with Risk & Compliance and Dow Jones Energy each growing by 15%.

The company’s digital subscriptions reached a milestone with over 5 million Dow Jones digital subscriptions for the quarter, marking the highest sequential quarterly net additions of 322 thousand. Nonetheless, challenging housing market conditions in the U.S. impacted Move’s revenues, which decreased by 6% to $132 million.

Chief Executive Robert Thomson commented on the results, highlighting the company’s strategic progress and digital transformation, as well as the extension of their partnership with Google (NASDAQ:). He also noted the ongoing review of the company’s structure to provide maximum flexibility.

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