News Corp Reports Higher Quarterly Revenue Than Expected
In its first earnings report since separating from 21st Century Fox, News Corp beat revenue expectations in its fiscal fourth quarter.
The company said Friday it lost $1.1 billion in the quarter that ended June 30, an improvement from a year-ago loss of $2.2 billion. Revenue was $2.26 billion, up from $2.13 billion and about $40 million more than analysts had predicted.
News Corp consists primarily of print assets, though it has cable television businesses in Australia. Its "cable network programming" division, though, accounted for only $324 million in revenue during the entire fiscal year.
"News and information services" was responsible for $6.73 billion; "digital real estate services" for $345 million; "book publishing" for $1.37 billion; and "other" accounted for $122 million.
For the fiscal year, News Corp reported $506 million in net income, reversing a loss of $2.1 billion a year ago.
Shares of News Corp were off 1 percent Friday to $16.64 and have risen 6 percent since the company was split in June. Shares of 21st Century Fox rose 1 percent Thursday to $33.01 and are up 16 percent since the split.