News Corp beats quarterly revenue estimates on growth in Dow Jones unit
Its total revenue of US$2.36 billion for the quarter beat analysts’ estimates
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NEWS Corp beat Wall Street estimates for second-quarter revenue on Thursday, bolstered by growth in its Dow Jones, digital real estate and book publishing units.
The results indicate that growth in high-margin digital subscriptions at its Dow Jones division, which includes The Wall Street Journal, is helping the media company weather economic uncertainty and a choppy advertising market.
The Dow Jones segment’s revenue increased by 8 per cent to US$648 million from the previous year.
The performance was also bolstered by a recovering property market, which lifted revenue at its digital real estate services segment by 8 per cent.
News Corp’s book publishing segment, which consists HarperCollins, saw revenue rise 6 per cent to US$633 million in the quarter.
The company reported total revenue of US$2.36 billion for the quarter, compared with analysts’ average estimate of US$2.29 billion, according to data compiled by LSEG. REUTERS
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