News Corp prof­its from dig­i­tal thrust

The Myanmar Times - - International Business -

NEWS Corp has turned a quar­terly profit with help from dig­i­tal ef­forts that made up for de­clines in news­pa­per ad­ver­tis­ing at Ru­pert Mur­doch’s me­dia gi­ant.

News Corp re­ported rev­enue of US$2.2 bil­lion in the re­cently ended quar­ter, a 5 per­cent rise from the same pe­riod a year ear­lier.

Rev­enue for the full year, how­ever, was down 3pc to $8.3 bil­lion. The me­dia com­pany’s fourth fis­cal quar­ter ended at the close of June.

News Corp re­ported an an­nual profit of $177 mil­lion and a net in­come of $89 mil­lion in the fourth quar­ter. In the pre­vi­ous year, the com­pany that claims among its prop­er­ties The Wall Street Jour­nal re­ported an an­nual loss of $149 mil­lion, with red ink in the clos­ing quar­ter tal­ly­ing $379 mil­lion.

“Over the past year, we made clear progress on our pri­mary goals – to be­come more dig­i­tal and more global,” News Corp di­rec­tor gen­eral Robert Thomson said in the earn­ings re­lease.

He touted “ro­bust” year-over-year growth in rev­enue at the com­pany’s Dig­i­tal Real Es­tate Ser­vices and an “up­turn” at book pub­lish­ing arm HarperCollins.

“While global print ad trends re­main chal­leng­ing at our News and In­for­ma­tion Ser­vices seg­ment, we are con­tin­u­ing our ag­gres­sive growth in dig­i­tal,” he said.

Rev­enue from dig­i­tal of­fer­ings ac­counted for 23pc of the com­pany’s rev­enue in the quar­ter, up from 19pc in dur­ing the same pe­riod last year.

Dig­i­tal sub­scrip­tions to The Wall Street Jour­nal were up 26pc year-overyear to 948,000, ac­cord­ing to News Corp. –

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