News Corp profits from digital thrust
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. –