News Corp Reports Third Quarter Results for Fiscal 2024
Fiscal 2024 Third Quarter Key Financial Highlights
Third quarter revenues were $2.42 billion, a 1% decrease compared to $2.45 billion in the prior year, reflecting a $21 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues were flat compared to the prior year
Net income in the quarter was $42 million, compared to net income of $59 million in the prior year
Third quarter Total Segment EBITDA was $322 million, compared to $320 million in the prior year
In the quarter, reported EPS were $0.05 as compared to $0.09 in the prior year Adjusted EPS were $0.11 compared to $0.09 in the prior year
At the Dow Jones segment, professional information business revenues grew 10% compared to the prior year, driven by the continued success of Risk & Compliance and Dow Jones Energy, which each grew 15%
Dow Jones achieved its highest sequential quarterly net additions for digital subscriptions of 322 thousand, reaching over 5 million Dow Jones digital subscriptions for the quarter
REA Group posted strong results with quarterly revenues of $256 million, a 15% increase compared to the prior year, primarily driven by robust Australian residential performance
NEW YORK, NY - May 8, 2024 - News Corporation ( News Corp or the Company ) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2024.
Commenting on the results, Chief Executive Robert Thomson said:
News Corp has again made substantial progress on our strategic imperative to transform the company and increase value for all shareholders.
News Corp's profitability rose slightly in the third quarter as compared to the prior year, continuing our growth this fiscal year - and that increase, which gathered pace in April, follows the three most profitable years since the company was reincarnated in 2013.
We are in the midst of an exponential digital revolution, and our own company has continued to change significantly and profitably. Importantly, we are working to promote our quality journalism in the age of Generative AI and are gratified that the most enlightened leaders in the industry appreciate the commercial and social value of that content.
Separately, we have this week extended our existing partnership with Google.
As mentioned previously, we have been reviewing our company's structure - and that work is intense and ongoing - and we have made underlying changes to provide maximum flexibility.
THIRD QUARTER RESULTS
The Company reported fiscal 2024 third quarter total revenues of $2.42 billion, a 1% decrease compared to $2.45 billion in the prior year period, primarily driven by lower advertising revenues at the News Media segment, lower physical book sales at the Book Publishing segment and lower revenues at Move due to ongoing challenging housing market conditions in the U.S., in addition to a $21 million, or 1%, negative impact from foreign currency fluctuations. The decrease was partly offset by higher Australian residential revenues at REA Group and continued strong growth in the professional information business at the Dow Jones segment. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) were flat compared to the prior year.
Net income for the quarter was $42 million, a 29% decrease compared to net income of $59 million in the prior year, primarily driven by lower Other, net, which benefited in the prior year from a gain on sale, higher impairment and restructuring charges and higher depreciation and amortization expenses. These impacts were partially offset by lower income tax expense and improved equity losses of affiliates.
The Company reported third quarter Total Segment EBITDA of $322 million, a 1% increase compared to $320 million in the prior year primarily due to strong contributions from REA Group and the Dow Jones segment combined with lower costs at the Book Publishing segment and gross cost savings related to the announced 5% headcount reduction initiative. The increase was largely offset by the lower revenue drivers discussed above and higher marketing costs at Move. Adjusted Total Segment EBITDA (as defined in Note 2) increased 1%.
Net income per share attributable to News Corporation stockholders was $0.05 as compared to $0.09 in the prior year.
Adjusted EPS (as defined in Note 3) were $0.11 compared to $0.09 in the prior year.
Please click here for the full Earnings Release information
###
About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.
Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com
Anthony Rudolf
212-416-3040
arudolf@newscorp.com
News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com
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News Corp Reports Third Quarter Results for Fiscal 2024
