Date
22 October 2017
Rupert Murdoch's News Corp is stepping up digital initiatives as advertising revenues decline in the print business. Photo: Bloomberg
Rupert Murdoch's News Corp is stepping up digital initiatives as advertising revenues decline in the print business. Photo: Bloomberg

News Corp revenue slides for third straight quarter

News Corp, the media giant controlled by Rupert Murdoch, on Thursday reported its third straight quarterly revenue decline as income from its core news and information services business fell further.

The company said revenue from the news and information business, which includes Dow Jones and the Wall Street Journal, slid about 11 percent to US$1.29 billion in the three months to September, Reuters reported.

The business has been struggling for the past few years as readers shift to digital media. 

The firm’s digital real estate services business, which includes US website realtor.com and a stake in Australia’s REA Group, saw its revenue jump 70.5 percent to US$191 million, the report said.

That, however, didn’t prevent a 4.5 percent overall slide in News Corp’s fiscal first quarter revenue to US$2.01 billion.

Excluding items, the company had a profit of 5 cents per share from continuing operations, against analyst expectations of 6 cents per share.

“Foreign exchange fluctuations negatively impacted reported results, but this should not obscure the progress at many of our businesses,” News Corp’s chief executive Robert Thomson said.

He said the company is “on track in its transition to a more digital and global future, having successfully integrated several recent acquisitions and built a powerful platform for future growth.”

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