News Corp`s quarterly revenue falls 7.3 percent, posts loss
May 6, 2016, 2:32 pm     |   Source: Reuters

News Corp (NWSA.O), owner of the Wall Street Journal and book publisher HarperCollins, reported its fifth drop in quarterly revenue in a row as print ad sales declined and a strong dollar hit income from outside the United States.

The 7.3 percent fall in revenue was worse than analysts had expected, but the company`s shares were flat after-hours.

News Corp reported a net loss available to shareholders of $149 million, or 26 cents per share, in the three months ended March 31, compared with a profit of $23 million, or 4 cents per share, a year earlier.

The company was hurt by a one-time charge of $280 million at its News America Marketing business. News Corp said in February it had agreed to pay that amount to resolve claims that it monopolized the market for in-store promotions at more than 50,000 retail stores across the United States.

Excluding items, the company earned 4 cents per share, beating the average analyst estimate of 3 cents, according to Thomson Reuters I/B/E/S.

Total revenue fell to $1.89 billion from $2.04 billion, missing the average estimate of $1.93 billion.

News Corp, which gets more than half of its revenue from outside the United States, said "currency fluctuations" reduced revenue by about $72 million in the quarter.

Revenue in the company`s news and information division fell 9 percent to $1.23 billion.

Apart from the Journal, the division includes the New York Post and Dow Jones Newswires as well as the Times and the Sun in the UK and newspapers in Murdoch`s native Australia.

It also contains the News America Marketing business, a provider of advertising services through publications and in-store promotions.

Revenue in the company`s book publishing business, which includes HarperCollins Publishers, fell 11 percent to $358 million.

However, revenue in News Corp`s fast-growing online real estate services business, which includes website, rose 14 percent to $194 million.


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