Profit pickup picture

News’ rev up 12%

News Corp. Thursday reported annual revenues up 12 percent from prior year and profits up 16 percent — thanks in part to growth in its digital real estate business, which includes realtor.com.

Revenues were $10.07 billion, up 12 percent from the $9.02 billion a year ago. And the company swung to the black for the full fiscal year with net income of $228 million, compared with a loss of $1.4 billion the year before, which included $1.2 billion in impairment charges.

News Corp. which owns the New York Post, said Wall Street Journal subscribers reached a record of 2.6 million with digital-only subscribers accounting for approximately 69 percent of all subscribers.

Subscribers for Foxtel’s over-the-top services grew over 90 percent since the start of calendar year 2019, the company said.

The company also saw record traffic to realtor.com “and an uptick in pending home sales,” it said.

“We are acutely focused on simplifying the structure of the company and making clear the full value of the sum of our parts,” said Chief Executive Robert Thomson.

For the fiscal fourth quarter, revenue fell 8 percent, to $2.47 billion, reflecting a $105 million combined hit from foreign currency fluctuation, a dip in book publishing sales and lower advertising.

The Manhattan-based media company’s net losses narrowed to $42 million, or 9 cents a share, for the three months ended in June versus a $355 million loss, or 64 cents, the previous year.

Shares gained 1.9 percent Thursday, to $13.03, but were unchanged in after-hours trade.