News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2024
Fiscal 2024 Fourth Quarter and Full Year Key Financial Highlights
Fourth quarter revenues were $2.58 billion, a 6% increase compared to $2.43 billion in the prior year, driven by growth at the Digital Real Estate Services, Book Publishing and Dow Jones segments
Net income in the quarter was $71 million, a significant improvement compared to a net loss of $(32) million in the prior year
Total Segment EBITDA was the highest for a fourth quarter since separation at $380 million, compared to $341 million in the prior year
In the quarter, reported EPS were $0.09 as compared to $(0.01) in the prior year Adjusted EPS were $0.17 compared to $0.14 in the prior year
At the Dow Jones segment, for the quarter and full fiscal year, the professional information business was the largest contributor to segment profitability driven by robust revenue growth at Risk & Compliance and Dow Jones Energy
Book Publishing revenues grew 15% in the quarter, while Segment EBITDA increased $41 million, driven by higher physical and digital book sales combined with improved return rates. Digital audiobooks revenue was larger than e-books revenue for the first time this quarter
REA Group posted exceptional results for the quarter, with revenues of $305 million, a 37% increase compared to the prior year, primarily driven by robust Australian residential performance and higher financial services revenue
At the Subscription Video Services segment, Foxtel Group saw strong streaming performance, with both Kayo and BINGE achieving record paying subscribers, and ended the fiscal year at over 3.2 million total paying streaming subscribers
Announced landmark multi-year global partnership with OpenAI
NEW YORK, NY - August 8, 2024 - News Corporation ( News Corp or the Company ) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months and fiscal year ended June 30, 2024.
Commenting on the results, Chief Executive Robert Thomson said:
Fiscal 2024 was an outstanding year for News Corp, as we not only delivered robust earnings growth and created substantial shareholder value, but took a significant step to prepare the Company to prosper in the AI age.
Our landmark agreement with OpenAI is not only expected to be lucrative, but will enable us to work closely with a trusted, pre-eminent partner to fashion a future for professional journalism and for provenance. Meanwhile, we have begun to take legal steps against AI aggressors, the egregious aggregators, who are predatory in the confiscation of our content. Open source' can never be a justification for open slather.'
For the quarter, revenues grew 6 percent to almost $2.6 billion, while net income improved significantly and profitability advanced by 11 percent to a fourth quarter record. Our core pillars of growth Book Publishing, Digital Real Estate Services and Dow Jones inspired the increasing profitability, and their strength augurs well for Fiscal 2025.
We are confident in the Company's long-term prospects and are continuing to review our portfolio with a focus on maximizing returns for shareholders. That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years. We are evaluating options for the business with our advisors in light of that external interest.
I would like to express our sincere gratitude to all who contributed to the emancipation of Evan Gershkovich. His freedom was made possible by the concerted efforts of concerned, principled people who recognized that his incarceration was unjust and immoral. Many thanks to our leaders at Dow Jones and News Corp, who campaigned vigorously for Evan, and to the U.S. Government and other enlightened Governments, whose divine interventions played a pivotal role in his release.
Fourth Quarter Results
The Company reported fiscal 2024 fourth quarter total revenues of $2.58 billion, a 6% increase compared to $2.43 billion in the prior year period, primarily driven by higher Australian residential revenues at REA Group, higher physical and digital book sales combined with lower return rates at the Book Publishing segment and continued growth in the professional information business at the Dow Jones segment. The increase was partly offset by lower advertising and circulation and subscription revenues at the News Media segment, in addition to a $15 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 6% compared to the prior year.
Net income for the quarter was $71 million, a $103 million increase compared to a net loss of $(32) million in the prior year, primarily driven by improved losses from equity affiliates due to the absence of a non-cash write-down of REA Group's investment in PropertyGuru in the prior year, higher Total Segment EBITDA and lower impairment and restructuring charges. These impacts were partially offset by higher income tax expense and lower Other, net.
The Company reported fourth quarter Total Segment EBITDA of $380 million, an 11% increase compared to $341 million in the prior year primarily due to strong contributions from the Book Publishing segment and REA Group. The increase was partly offset by Hubbl launch costs at Foxtel Group and lower contributions from the News Media segment and Move. Adjusted Total Segment EBITDA (as defined in Note 2) increased 13%.
Net income (loss) per share attributable to News Corporation stockholders was $0.09 as compared to $(0.01) in the prior year.
Adjusted EPS (as defined in Note 3) were $0.17 compared to $0.14 in the prior year.
Full Year Results
The Company reported fiscal 2024 f
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News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2024
