Murdoch’s News Corp revenue falls by 10 per cent, turns around loss
News Corp’s first quarter revenues fell 10 per cent to $2.12 billion on the back of its sale of News America Marketing.
News Corp closed several regional publications earlier this year. (Photo: ABC Central West: Melanie Pearce)
News Corp shares jumped 13 per cent after the announcement.
The company, which owns newspapers in Australia, the US and the UK as well as broadcasting assets said there had been a higher revenue in many of its divisions and a 21 per cent increase year-on-year in profitability.
Net income for the quarter was $47 million compared with a net loss last year of $211 million.
Dow Jones posted a record first quarter profit and News said there was potential for its expansion.
However, the company said there was weakness in print advertising and the closure of regional newspapers in Australia had cost $35 million.
There had been growth in book publishing and real estate services as well as a $50 million benefit from currency exchange.
