News Corp (NASDAQ:NWSA) reported on Thursday a 4 percent decline in quarterly revenue, citing challenges at its Australian newspaper properties.
This is the second quarter that News Corp, whose chairman is Rupert Murdoch, has reported results as a standalone company after separating from its entertainment and TV properties now known as 21st Century Fox.
Continue Reading Below
News Corp publishes several newspapers including the Wall Street Journal, Times of London and the Australian, owns book publisher HarperCollins, Australian pay-TV and digital real estate stakes, and education company Amplify.
News Corp said that revenue at its News and Information Services fell 9 percent to $1.6 billion on soft advertising and subscription sales.
That division reported earnings before interest, taxes, depreciation and amortization (EBITDA) fell 13 percent to $255 million because of challenges in the Australian newspaper market and Dow Jones' enterprise business.
The chief executive officer of Dow Jones, Lex Fenwick, departed from the company last month.
For the quarter ending December, the company said revenue was $2.24 billion, in line with analysts' estimates of $2.22 billion, according to Thomson Reuters I/B/E/S.
Net income fell to $151 million, or 26 cents per share, from $1.4 billion or $2.42 per share. The year-ago quarter included a gain related to its acquisition of Fox-tel and Fox Sports in Australia.
Adjusted EPS of 31 cents was well above analysts' forecast of 20 cents.