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News Corporation

News Corporation posts net income of $119 million for quarter

Unaudited net income attributable to shareholders was $196 million for the December half.

pen on paper that says financial results
December quarter earnings per share (EPS) was above consensus estimates

News Corporation Ltd (ASX:NWS) has posted December quarter revenue of $2.63 billion, Total Segment EBITDA of $370 million and net income of $119 million.

This compared to the prior September quarter of $2.52 billion revenue, $358 million Total Segment EBITDA and $128 million net income.

When accounting for the non-controlling interest, net income attributable to shareholders was $95 million in the December quarter and $101 in the September quarter.

This provides for unaudited net income of $196 million for the December half.

News Corporation’s CEO Robert Thomson said: “News Corp has reported increased profitability and revenue growth during the first half of fiscal 2019, highlighting the power of premium content and authenticated audiences in a fact-challenged world that craves credibility.

Revenue expansion in Book Publishing and Digital Real Estate Services

“For the second quarter, the company saw 21% revenue growth and a 13% rise in profitability, reflecting the consolidation of Foxtel and a healthy expansion of revenues in the Book Publishing and Digital Real Estate Services segments.

“At News and Information Services, we saw a continuation of positive trends in paid digital subscriptions, including accelerating gains at The Wall Street Journal, and stronger digital advertising revenues in both the U.S. and Australia.

“Although our teams have been diligent in pursuing revenue opportunities, the digital platforms, which arbitrage algorithmic ambiguity, remain dysfunctional. It is clear that there has been a regulatory awakening and the time has come for a regulatory reckoning.

Double-digit revenue growth for Move

“At our Digital Real Estate Services segment, despite sluggishness in the U.S. property market, Move delivered another quarter of double-digit revenue growth, driven by product innovation at realtor.com® and the acquisition of Opcity, a strategically important asset that will provide higher quality, value-added leads for brokers.

Sports streaming service Kayo Sports launched

“Within our Subscription Video Services segment, this quarter we launched Kayo Sports, a sports-only OTT product, to positive reviews, and we look forward, with confidence, to the peak selling season for the most popular winter sports in Australia.

“Finally, HarperCollins had another outstanding quarter, benefiting from best-in-class content and the burgeoning of digital audio.”

Quick facts: News Corporation

Price: $20.82

Market: ASX
Market Cap: $12.19 billion
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