Press release
News Corporation Reports First Quarter Results for Fiscal 2023
FISCAL 2023 FIRST QUARTER KEY FINANCIAL HIGHLIGHTS Revenues in the quarter were $2.48 billion, a 1% decrease compared to $2.50 billion in the prior year,
About this update from News Corporation
[{"type":"text","content":"\nFISCAL 2023 FIRST QUARTER KEY FINANCIAL HIGHLIGHTS\n\n\nRevenues in the quarter were $2.48 billion, a 1% decrease compared to $2.50 billion in the prior year, driven by a $153 million, or 6%, negative impact from foreign currency fluctuations and lower Book Publishing segment revenues. Adjusted Revenues increased 3%\n\n\nNet income in the quarter was $66 million compared to $267 million in the prior year\n\n\nTotal Segment EBITDA in the quarter was $350 million compared to $410 million in the prior year\n\n\nIn the quarter, reported EPS were $0.07 compared to $0.33 in the prior year – Adjusted EPS were $0.12 compared to $0.23 in the prior year\n\n\nDow Jones segment revenues and Segment EBITDA grew 16% and 19%, respectively, benefiting from recent acquisitions, continued strong growth in digital-only subscriptions, a 7th consecutive quarter of year-over-year advertising revenue growth and sustained momentum in its Risk & Compliance products\n\n\nREA Group’s residential business continued to benefit from price increases, favorable depth penetration and product mix, and growth in national listings\n\n\nAt the Subscription Video Services segment, Foxtel saw its streaming revenues from Kayo and BINGE continue to offset broadcast revenue declines\n\n\n NEW YORK--(BUSINESS WIRE)--\nNews Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended September 30, 2022.\n\nCommenting on the results, Chief Executive Robert Thomson said:\n\n“While the macro environment is patently more volatile, the results highlight the resilience of News Corp and the potential for sustained growth and increased profitability.\n\nHeadline revenues were down one percent to $2.5 billion, but the decline was obviously a consequence of foreign currency fluctuations. On an adjusted basis, our revenues grew a healthy three percent, building on the robust results from last year.\n\nProfitability for the quarter was $350 million, down 15 percent, although that reflects the forex headwinds and a fundamental reset by Amazon of its book inventory levels and warehouse footprint. We view neither factor as reflective of core business conditions or of our long-term potential.\n\nDow Jones posted its best first quarter results since its acquisition with revenues rising 16 percent and Segment ...