Rupert Murdoch’s News Corp posts 6% rise in quarterly revenue

0
40

News Corp, controlled by media mogul Rupert Murdoch, reported a bigger third-quarter loss on Thursday as the company recorded $1.16 billion in charges, largely due to write-downs related to Foxtel and FOX SPORTS Australia.

Shares of the Wall Street Journal owner fell 1.7 percent in extended trading.

News Corp had signed a deal with Australian media company Telstra in March to combine Fox Sports Australia and Foxtel to create a combined company.

Net loss available to stockholders widened to $1.13 billion, or $1.94 per share, from $5 million, or one cent per share, a year earlier.

Total revenue rose 5.8 percent to $2.09 billion, beating estimates of $1.99 billion, led by strength in its digital real estate business.

Revenue at the unit, which houses real estate websites such as realtor.com and doorsteps.com, jumped 27 percent to $279 million.

Excluding items, the company earned 6 cents per share, in line with analysts’ estimate, according to Thomson Reuters.

LEAVE A REPLY

Please enter your comment!
Please enter your name here