News Corp Reports First Quarter Results for Fiscal 2021
Fiscal 2021 First Quarter Key Financial Highlights
Revenues were $2.12 billion, a 10% decline compared to $2.34 billion in the prior year, primarily driven by the sale of News America Marketing
Net income of $47 million compared to a net loss of $(211) million in the prior year, which included non-cash impairment charges of $273 million
Total Segment EBITDA was $268 million compared to $221 million in the prior year
Reported EPS were $0.06 compared to $(0.39) in the prior year - Adjusted EPS were $0.08 compared to $0.04 in the prior year
Segment EBITDA at Digital Real Estate Services grew 45%, with record revenue and profit contribution by Move, operator of realtor.com , led by its referral model
Segment EBITDA at Dow Jones grew 47%, driven by record average consumer product subscriptions of 3.88 million, led by 29% growth in digital-only subscriptions
Book Publishing saw 13% and 45% growth in revenues and Segment EBITDA, respectively, benefiting from continued strong performance in digital sales
New York, NY - November 5, 2020 - News Corporation ( News Corp or the Company ) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended September 30, 2020.
Commenting on the results, Chief Executive Robert Thomson said:
News Corp has started the fiscal year strongly, with higher revenue in many of our segments during the first quarter, and a 21 percent increase year-on-year in profitability, despite the disruptive economic consequences of COVID-19.
Total revenues for the quarter were $2.1 billion, a fall of 10 percent, but that contraction was largely due to the sale of News America Marketing, and the adjusted decline was 3 percent. Meanwhile, three of our segments, Dow Jones, Digital Real Estate Services and Book Publishing, reported year-over-year Segment EBITDA increases of at least 45 percent, highlighting the success of our investment strategy in publishing and digital real estate.
Dow Jones posted a record first quarter in profitability and higher revenues, thanks to its role as one of the world's most trusted providers of business news and analysis. There is undoubted U.S. and international potential for Dow Jones to expand audiences and revenues, and the team is pleased by the early returns on a subscriber offering for the previously free MarketWatch service.
Digital Real Estate Services flourished, even though property markets have naturally been unsettled by the pandemic and the understandable restrictions on home inspections. Move, the operator of realtor.com , reported record revenues and profit contribution for the quarter, and played an important role in our overall profitability. HarperCollins' strong results reflected the importance of savvy commissioning, combined with sensible cost control.
It is clear that the digital landscape is changing fundamentally, and the Company has been an important catalyst for that change. The principle of a premium for premium content is now recognized, and there will inevitably be further developments in algorithmic transparency and the digital advertising market, two areas in which News Corp has been a leading advocate.
We are continuing our drive to be a more focused, more digital company and we believe the positive results of that strategy are already clear. Our aim is to generate enhanced returns for our investors in the months, quarters and years to come.
First Quarter Results
The Company reported fiscal 2021 first quarter total revenues of $2.12 billion, 10% lower compared to $2.34 billion in the prior year period. The decline was due to a $200 million, or 9%, negative impact from the divestiture of News America Marketing, weakness in the print advertising market, a $35 million, or 2%, negative impact from the closure or transition to digital of certain regional and community newspapers in Australia and lower subscription revenues at the Subscription Video Services segment. The decline was partially offset by growth in the Book Publishing and Digital Real Estate Services segments, as well as a $50 million, or 2%, positive impact from foreign currency fluctuations. Adjusted Revenues (which exclude the foreign currency impact, acquisitions and divestitures as defined in Note 2) decreased 3%.
Net income for the quarter was $47 million compared to a net loss of $(211) million in the prior year, reflecting the absence of impairment charges and higher Total Segment EBITDA, as discussed below, partially offset by higher tax expense.
The Company reported first quarter Total Segment EBITDA of $268 million, a 21% increase compared to $221 million in the prior year. The increase was primarily due to strong growth at the Digital Real Estate Services, Dow Jones and Book Publishing segments, partially offset by a decline at the News Media segment, reflecting the absence of a net $12 million contribution due to the divestitures of News America Marketing and Unruly. Adjusted Total Segment EBITDA (as defined in Note 2) increased 23%.
Net income (loss) per share attributable to News Corporation stockholders was $0.06 as compared to $(0.39) in the prior year.
Adjusted EPS (as defined in Note 3) were $0.08 compared to $0.04 in the prior year.
Please click here for the full Earnings Release information.
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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 Kingdo
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News Corp Reports First Quarter Results for Fiscal 2021
