News Corp Reports Mixed Earnings in Fourth Quarter
The company said it was "optimistic" about the new book by Fox News anchor Megyn Kelly, which is set for Nov. 15.
Rupert Murdoch's News Corp, owner of The Wall Street Journal and Dow Jones Newswires, reported mixed earnings for the fourth quarter, despite a $122 million litigation settlement gain paid to Move, News Corp's online real estate business.
The company posted adjusted earnings per share of 10 cents on $2.23 billion in revenue, up 5 percent from the comparable period in 2015. Wall Street had been expecting earnings per share of 13 cents on $2.06 billion.
Digital real estate was a bright spot, growing 21 percent in the year-over-year and pulling in $244 million. The real estate segment also was responsible for the litigation settlement, paid to New Corp's Move by Zillow after a Zillow executive was accused of stealing trade secrets.
Print advertising revenue continued to shrink, down 5 percent overall, with 12 percent contraction in domestic ad spend at The Wall Street Journal. The loss was partially offset by a growth in circulation revenues due to increased retail pricing for the paper.
The company said it was "optimistic" about the new book by Fox News anchor Megyn Kelly, Settle for More, which is set to be published Nov. 15 by HarperCollins.