News Corp. reports $38M first quarter profit
News Corp. reported Monday a net profit of $38 million in the quarter ended Sept. 30, compared with a loss of $83 million a year earlier.
Revenue in the period fell 2.9 percent to $2.07 billion.
It was the first quarterly report from recently independent News Corp., which separated most of its non-newspaper businesses into a new company called 21st Century Fox in July.
Fox houses a Hollywood studio and cable and TV network operations.
“Our first quarter as the new News was the beginning of a journey in the digital development of the company,” CEO Robert Thomson said in a statement.
News Corp., whose publishing properties include The Post and the Wall Street Journal, said the decline in revenue reflected a drop in demand for print advertising, primarily in Australian publications.
First-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 58 percent to $141 million.
Ebitda at the News and Information Services unit was up 6 percent, to $133 million, the company said in a statement.
Digital Real Estate Services, the second-largest segment, saw its Ebitda rise 26 percent to $44 million.
News Corp. also houses Australian newspapers and the digital real-estate business among other assets such as Foxtel, a pay-TV venture.
News Corp. shares, up 10.3 percent since trading independently, fell 2.4 percent in after hours trading following the release of the quarterly results.
Revenue in the period fell 2.9 percent to $2.07 billion.
It was the first quarterly report from recently independent News Corp., which separated most of its non-newspaper businesses into a new company called 21st Century Fox in July.
Fox houses a Hollywood studio and cable and TV network operations.
“Our first quarter as the new News was the beginning of a journey in the digital development of the company,” CEO Robert Thomson said in a statement.
News Corp., whose publishing properties include The Post and the Wall Street Journal, said the decline in revenue reflected a drop in demand for print advertising, primarily in Australian publications.
First-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 58 percent to $141 million.
Ebitda at the News and Information Services unit was up 6 percent, to $133 million, the company said in a statement.
Digital Real Estate Services, the second-largest segment, saw its Ebitda rise 26 percent to $44 million.
News Corp. also houses Australian newspapers and the digital real-estate business among other assets such as Foxtel, a pay-TV venture.
News Corp. shares, up 10.3 percent since trading independently, fell 2.4 percent in after hours trading following the release of the quarterly results.
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