News Corp. smashed earnings expectations Thursday, as the company presses ahead with efforts to turn its print publications into digital-first operations.
Here’s how the company did compared to what Wall Street expected:
- EPS: 7 cents vs. 1 cent expected, according to Thomson Reuters
- Revenue: $2.06 billion vs. $1.97 billion expected, according to Thomson Reuters
News Corp. shares initially jumped more than 2 percent in after-hours trading, before falling flat.
inside the year-ago quarter, News Corp. posted earnings per share of 1 cent on $1.96 billion in revenue.
News Corp. is usually the publishing arm of Rupert Murdoch’s global media empire. Properties include financial publisher Dow Jones, book publisher HarperCollins as well as the completely new York Post. Through Dow Jones, completely new Corp. owns The Wall Street Journal, MarketWatch as well as Barron’s.
As the media landscape becomes increasingly digital, News Corp. has struggled to keep up advertising, circulation as well as subscription revenue in its news as well as information business, which includes The Journal.
In response, News Corp. has sought to shift the focus of its news publications away through print. The Journal, for example, is usually inside the midst of a major restructuring to become a digital-first operation.
Though advertising revenue continued its downward trend inside the fiscal first quarter, overall revenue at the news as well as information division rose 2 percent to $1.2 billion compared to the year prior.
as well as digital operations represented 27 percent of the division’s overall revenue, compared to 24 percent inside the year prior.
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