Books were up, real estate was up, WSJ publisher Dow Jones was up; only news media was down – and then by just one per cent – as News Corp reports its first quarter results for the upcoming financial year.
The Murdoch-controlled group reported revenues of US$2.28 billion (A$ billion) for the quarter, an increase of six per cent on last year’s US$2.14 billion. Net income at US$215 million was up 43 per cent.
Chief executive Robert Thomson spoke of a total segment EBITA “surge” of 19 per cent, while “margins expanded meaningfully” and earnings per share upped from 20 to 29 cents.
“These results herald our fourteenth consecutive quarter of year-over-year profitability growth,” he said. “Our three engines of growth – Digital Real Estate Services, Dow Jones and Book Publishing – collectively delivered robust results despite volatile economic conditions.”
He said the performance reflected “the transformation of News Corp into a thriving, higher-margin business, digitally driven with peerless, profitable content.
“We believe we are primed for further growth in the AI age, as data centres, chips and water may be necessary components, but high quality content is the very essence of AI.”
• A benefit dinner held by the American Australian Association on Thursday recognised Robert Thomson for his “extraordinary contributions to business and cross-Pacific relations”.
Thomson (pictured in News’ The Australian) was born and educated in Australia, taking on senior editorial roles at The Australian, The Times, The Wall Street Journal and Dow Jones, before being named chief executive of News Corp in 2013.
The association had been founded by Sir Keith Murdoch in 1948, with Thursday’s dinner to “directly support future American and Australian scholars” through the association’s scholarship programmes.