Press release
News Corporation Reports Third Quarter Results for Fiscal 2023
FISCAL 2023 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS Revenues in the quarter were $2.45 billion, a 2% decrease compared to $2.49 billion in the prior year,
About this update from News Corporation
[{"type":"text","content":"\nFISCAL 2023 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS\n\n\n\nRevenues in the quarter were $2.45 billion, a 2% decrease compared to $2.49 billion in the prior year, reflecting a $98 million, or 4%, negative impact from foreign currency fluctuations. Adjusted Revenues were flat\n\n\n\nNet income in the quarter was $59 million compared to $104 million in the prior year\n\n\n\nTotal Segment EBITDA in the quarter was $320 million compared to $358 million in the prior year\n\n\n\nIn the quarter, reported EPS were $0.09 compared to $0.14 in the prior year – Adjusted EPS were $0.09 compared to $0.16 in the prior year\n\n\n\nAt the Dow Jones segment, revenues from its professional information business grew 38% from the prior year, reflecting the OPIS and CMA acquisitions and continued double-digit revenue growth at Risk and Compliance. Total subscriptions to its consumer products crossed 5.1 million\n\n\n\nFoxtel Group exceeded 3 million total streaming subscribers and achieved the lowest broadcast churn since Fiscal 2016\n\n\n\nAdvertising trends at the News Media segment improved sequentially, as advertising revenues for the quarter declined 5% but increased 2% on a constant currency basis from the prior year\n\n\n\nHarperCollins saw improved trends from the first half with revenues flat in the quarter compared to the prior year period. Adjusted revenues were up 2%\n\n\n\nThe Company now expects to achieve at least $160 million in annualized savings from the previously announced headcount reductions, up from the prior estimate\n\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, 2023.\n\n\nCommenting on the results, Chief Executive Robert Thomson said:\n\n\n“These results demonstrate the fundamental differences in the character of News Corp compared with other media companies. In a period in which advertising was clearly insipid in certain parts of the world, our core non-advertising revenue has been particularly robust, highlighted by a 38 percent increase in revenues at the Dow Jones professional information business.\n\n\nOverall, our fiscal third quarter results demonstrated meaningful progress compared to the first half, with various macro and sectoral trends decidedly more positive. Revenues we...