News Corp Reports Third Quarter Results for Fiscal 2023
Fiscal 2023 Third Quarter Key Financial Highlights
Revenues in the quarter were $2.45 billion, a 2% decrease compared to $2.49 billion in the prior year, reflecting a $98 million, or 4%, negative impact from foreign currency fluctuations. Adjusted Revenues were flat
Net income in the quarter was $59 million compared to $104 million in the prior year
Total Segment EBITDA in the quarter was $320 million compared to $358 million in the prior year
In the quarter, reported EPS were $0.09 compared to $0.14 in the prior year - Adjusted EPS were $0.09 compared to $0.16 in the prior year
At the Dow Jones segment, revenues from its professional information business grew 38% from the prior year, reflecting the OPIS and CMA acquisitions and continued double-digit revenue growth at Risk and Compliance. Total subscriptions to its consumer products crossed 5.1 million
Foxtel Group exceeded 3 million total streaming subscribers and achieved the lowest broadcast churn since Fiscal 2016
Advertising trends at the News Media segment improved sequentially, as advertising revenues for the quarter declined 5% but increased 2% on a constant currency basis from the prior year
HarperCollins saw improved trends from the first half with revenues flat in the quarter compared to the prior year period. Adjusted revenues were up 2%
The Company now expects to achieve at least $160 million in annualized savings from the previously announced headcount reductions, up from the prior estimate
New York, NY - May 11, 2023 - News Corporation ( News Corp or the Company ) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2023.
Commenting on the results, Chief Executive Robert Thomson said:
These results demonstrate the fundamental differences in the character of News Corp compared with other media companies. In a period in which advertising was clearly insipid in certain parts of the world, our core non-advertising revenue has been particularly robust, highlighted by a 38 percent increase in revenues at the Dow Jones professional information business.
Overall, our fiscal third quarter results demonstrated meaningful progress compared to the first half, with various macro and sectoral trends decidedly more positive. Revenues were over $2.4 billion, down only 2 percent from the prior year, but higher in constant currency, while our company-wide cost cutting program began to gain traction.
That cost reduction drive includes taking the difficult but necessary step of reducing headcount by an expected five percent, and we now anticipate that program will yield at least $160 million in annualized savings by the end of this calendar year.
We also want to highlight that today marks the 44th day in captivity for Wall Street Journal reporter Evan Gershkovich, who has been wrongfully, wilfully detained in Russia. We trust that justice and common sense will prevail, and that Evan will soon be released.
Third Quarter Results
The Company reported fiscal 2023 third quarter total revenues of $2.45 billion, a 2% decrease compared to $2.49 billion in the prior year period. The decline was primarily due to a $98 million, or 4%, negative impact from foreign currency fluctuations and lower revenues at the Digital Real Estate Services segment due to continued challenging housing market conditions in the U.S. and Australia. The decline was partially offset by higher Dow Jones segment revenues, which includes the acquisitions of OPIS and Chemical Market Analytics ( CMA ), and higher revenues at the News Media and Subscription Video Services segments on a constant currency basis. 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 $59 million, a 43% decline compared to $104 million in the prior year, primarily due to lower Total Segment EBITDA, as discussed below, higher depreciation and amortization expense and higher losses from equity affiliates, partially offset by lower impairment charges.
The Company reported third quarter Total Segment EBITDA of $320 million, an 11% decline compared to $358 million in the prior year, primarily due to lower revenues, as discussed above, higher costs at the Dow Jones segment, and a $13 million, or 4%, negative impact from foreign currency fluctuations. The results this quarter also include $7 million of costs related to the professional fees incurred by the Special Committee and the Company in connection with evaluating the proposal from the Murdoch Family Trust, as well as the fees related to the potential sale of Move. Adjusted Total Segment EBITDA (as defined in Note 2) decreased 15%.
Net income per share attributable to News Corporation stockholders was $0.09 as compared to $0.14 in the prior year.
Adjusted EPS (as defined in Note 3) were $0.09 compared to $0.16 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 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
News Corp Corporate Communications
J
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News Corp Reports Third Quarter Results for Fiscal 2023
