Aug 9 (OnNewsToday) – News Corp topped Wall Street profit targets on Thursday, as it benefited from gains at its newly acquired TV network and recorded double-digit growth in its real-estate listings and book publishing businesses.
Australian pay TV company Foxtel, which Rupert Murdoch-controlled News Corp acquired earlier this year, contributed $610 million to News Corp’s overall revenue in the fourth quarter ended June 30.
The company’s news business, which houses the Wall Street Journal and the New York Post, made $1.29 billion in revenue, rising 1 percent from a year earlier and accounting for almost half of overall revenue as the number of digital subscribers grew.
Revenue at News Corp’s online real-estate listings unit rose 19 percent while its book publishing division – home to HarperCollins – saw a 20 percent jump in revenue.
News Corp said net loss available to shareholders narrowed to $372 million in the fourth quarter from $430 million a year earlier. Excluding one-time items, the company earned 8 cents per share, above analysts’ average expectation of 6 cents, according to Thomson OnNewsToday I/B/E/S.
Total revenue surged 30 percent to $2.69 billion, above estimates of $2.65 billion. (Reporting by Remya Padmadas in Bengaluru; Editing by Sai Sachin Ravikumar)