HomeNews & EventsIndustry NewsNews Corp tops estimates as Foxtel, books unit drive gains

News Corp tops estimates as Foxtel, books unit drive gains

News Corp tops estimates as Foxtel, books unit drive gains

(Reuters) - News Corp (NWSA.O[1]) topped Wall Street profit targets on Thursday, as it benefited from gains at its newly acquired TV network and recorded double-digit growth in its real-estate listings and book publishing businesses.

Undated handout image of the News Corp logo. REUTERS/News Corp/Handout

News Corp’s subscription video services division that includes Australian pay TV company Foxtel - acquired by Rupert Murdoch-controlled News Corp earlier this year - contributed $610 million to its overall revenue in the fourth quarter ended June 30.

The company’s news business, which houses the Wall Street Journal and the New York Post, made $1.29 billion in revenue, rising 1 percent from a year earlier and accounting for almost half of overall revenue as the number of digital subscribers grew.

Revenue at News Corp’s online real-estate listings unit rose 19 percent while its book publishing division - home to HarperCollins - saw a 20 percent jump in revenue.

News Corp said net loss available to shareholders narrowed to $372 million in the fourth quarter from $430 million a year earlier. Excluding one-time items, the company earned 8 cents per share, above analysts’ average expectation of 6 cents, according to Thomson Reuters I/B/E/S.

Total revenue surged about 30 percent to $2.69 billion, above estimates of $2.65 billion.

(The story corrects paragraph two to say the subscription video services division, and not just Foxtel, contributed $610 million to overall revenue.)

Reporting by Remya Padmadas in Bengaluru; Editing by Sai Sachin Ravikumar

References

  1. ^ NWSA.O (feeds.reuters.com)

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