Press release
News Corporation Reports Third Quarter Results for Fiscal 2020
FISCAL 2020 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS Revenues were $2.27 billion, an 8% decline compared to $2.46 billion in the prior year Non-cash impairment
About this update from News Corporation
[{"type":"text","content":"\nFISCAL 2020 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS\n\n\n\nRevenues were $2.27 billion, an 8% decline compared to $2.46 billion in the prior year\n\n\nNon-cash impairment charges of $1.1 billion, primarily at Foxtel and News America Marketing, led to a net loss of ($1) billion compared to net income of $23 million in the prior year\n\n\nTotal Segment EBITDA was $242 million compared to $247 million in the prior year\n\n\nAdjusted Revenues declined 4% and Adjusted Total Segment EBITDA increased 1%\n\n\nReported EPS were ($1.24) compared to $0.02 in the prior year – Adjusted EPS were $0.03 compared to $0.04 in the prior year\n\n\nCompleted the sale of News America Marketing to Charlesbank Capital Partners on May 5th\n\n\nDow Jones saw 20% growth in digital-only subscribers to over 2.5 million, including 15% growth in digital-only subscribers at The Wall Street Journal, while experiencing record traffic across its digital networks\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 March 31, 2020.\n\n\nCommenting on the results, Chief Executive Robert Thomson said:\n\n\n“We are operating in a different, difficult time. Every business and family is facing challenges and our thoughts, in particular, are for those who are suffering deeply and personally from the impact of COVID-19.\n\n\nOur fiscal third quarter results demonstrate the strength of News Corp and the power of our premium content. We also maintained a robust balance sheet, with $1.4 billion in cash and cash equivalents as of March 31st and an untapped $750 million corporate revolving credit facility, providing a strong foundation for the Company’s future.\n\n\nDespite the onset of COVID-19, and particularly volatile, adverse currency movements, profitability was relatively stable. Notably, profitability was higher at the News and Information Services segment, fueled by significant digital advertising and subscriber growth at Dow Jones, including The Wall Street Journal, which reached approximately 3 million subscribers in the last week, a new record, with over 2.2 million that are digital-only. \n\n\nThe sale of News America Marketing was completed on May 5th and we are continuing to simplify our Company to highlight the intrinsic value of our c...