{"id":28850,"date":"2017-05-10T06:09:37","date_gmt":"2017-05-10T06:09:37","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=28850"},"modified":"2017-05-10T06:09:37","modified_gmt":"2017-05-10T06:09:37","slug":"news-corp-quarterly-revenue-beats-higher-ad-revenue","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/news-corp-quarterly-revenue-beats-higher-ad-revenue.html","title":{"rendered":"News Corp quarterly revenue beats on higher ad revenue"},"content":{"rendered":"

\n\tNews Corp quarterly revenue beats on higher ad revenue<\/span><\/span><\/strong><\/span>
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\n\tNews Corp (NWSA.O) reported better-than-expected quarterly revenue as the owner of the Dow Jones Newswires and the Wall Street Journal saw an uptick in its digital real estate business and growth in its advertising revenue.<\/span><\/span><\/span>\n<\/p>\n

\n\tShares of the company, controlled by media mogul Rupert Murdoch, were up 2.2 percent in extended trading on Tuesday.<\/span><\/span><\/span>\n<\/p>\n

\n\tWhile News Corp's earnings are still under pressure amid print advertising declines, they have been stabilizing with continued cost-cutting efforts and investments in the company's digital businesses to boost margins.<\/span><\/span><\/span>\n<\/p>\n

\n\tRevenue in the company's news and information division, which accounts for over 60 percent of total revenue, rose to $1.26 billion as the transition to digital platforms pays off.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe company said digital subscribers accounted for 53 percent of total subscriptions for the Wall Street Journal, up from 44 percent a year earlier.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe subscription numbers suggest that there is an appetite for "premium news" and "thoughtful commentary", Chief Executive Robert Thomson said on a call with analysts.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe Trump administration's combative view of traditional news media as "fake news" is helping out newspapers, which are struggling, to attract more digital readers and advertisers.<\/span><\/span><\/span>\n<\/p>\n

\n\tNews Corp's advertising revenue rose 5.1 percent to $705 million. However, gains were partially offset by weakness in the print advertising market.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe company said revenue in its high-growth digital real-estate business jumped nearly 13 percent to $219 million.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe business includes REA Group Ltd (REA.AX), an Australian company which advertises property and property-related services on websites and mobile apps, and Move Inc, which operates Realtor.com in the United States and other countries.<\/span><\/span><\/span>\n<\/p>\n

\n\tNews Corp, which owns book publisher HarperCollins, said revenue from its book publishing business rose 4.5 percent to $374 million helped by strong sales of Margot Lee Shetterly's "Hidden Figures".<\/span><\/span><\/span>\n<\/p>\n

\n\tNet loss available to shareholders narrowed to $5 million, or 1 cent per share, in the third quarter ended March 31, from $149 million, or 26 cents per share, a year earlier, when the company took a charge of $280 million.<\/span><\/span><\/span>\n<\/p>\n

\n\tExcluding items, the company earned 7 cents per share, beating the average analysts' estimates of 5 cents, according to Thomson Reuters I\/B\/E\/S.<\/span><\/span><\/span>\n<\/p>\n

\n\tNews Corp also posted better-than-expected third quarter revenue of $1.98 billion, up 4.6 percent from a year earlier.<\/span><\/span><\/span>\n<\/p>\n

\n\tThomson Reuters (TRI.N) (TRI.TO), the parent of Reuters News, competes with Dow Jones Newswires.<\/span><\/span><\/span>\n<\/p>\n

\n\tSource:- http:\/\/www.reuters.com\/article\/us-news-corp-results-idUSKBN1852IG<\/span><\/span><\/span><\/p>\n

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