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2mo ago

News Corp Reports 5% Revenue Growth Driven by Digital Real Estate and Dow Jones

The media giant's second-quarter results exceeded expectations, with strong gains in digital subscriptions and book publishing offsetting declines in news media advertising revenue.

A little girl runs in a shaft of light at the entrance to the News Corp. Building in the Midtown section of New York City, U.S., November 30, 2023. REUTERS/Shannon Stapleton/File Photo
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Wicked by Gregory Maguire was a big title for the book publishing arm of News Corp. The book was made into a film starring Cynthia Erivo and Ariana Grande

Overview

  • News Corp's revenue rose to $2.24 billion in the second quarter, a 5% increase year-over-year, surpassing analysts' expectations of $2.17 billion.
  • Net income from continuing operations increased by 58% to $306 million, driven by growth in digital real estate, book publishing, and Dow Jones divisions.
  • The Dow Jones division achieved record revenue of $600 million, with digital subscriptions accounting for 81% of total revenue and professional information services growing significantly.
  • The book publishing unit, including HarperCollins, saw an 8% revenue increase, bolstered by strong sales of titles such as 'Cher: The Memoir' and 'Wicked.'
  • News Media revenue declined by 2%, attributed to reduced advertising revenue and traffic changes due to platform algorithm shifts, though digital subscribers for The Times and Sunday Times grew to 616,000.