News Corp beats quarterly earnings expectations, – Business News
The Post’s mum or dad company News Corp reported better-than-expected quarterly earnings on Thursday, pushed by growth in its Dow Jones, digital real estate and e book publishing divisions.
The New York-based media giant reported $121 million from persevering with operations, or 16 cents a share, in contrast with income of $107 million, or 14 cents, the prior 12 months. Adjusted earnings per share totaled 21 cents.
Third-quarter income grew 9% to $2.19 billion, in contrast with $2.01 billion a 12 months in the past. That beat Wall Street expectations of 16 cents EPS on $2.11 billion income.
News Corp reported better-than-expected quarterly earnings, pushed by growth in its digital real estate, Dow Jones and e book publishing divisions. Getty Images
“News Corp has again delivered resounding results this quarter, and we remain on track for another year of record profitability given the strength seen thus far in the fourth quarter,” News Corp CEO Robert Thomson mentioned in a assertion.
“The third quarter was compelling evidence of the transformation of our business, and demonstrated the robustness of our core growth engines, which we expect will propel us towards a strong fiscal finish,” he added.
During the quarter, News Corp’s financial outcomes have been pushed by an 8% increase in income to $619 million at its Dow Jones unit, which publishes The Wall Street Journal and MarketWatch. News Corp noticed a 10% increase at its real estate division to $148 million and an 8% leap in e book publishing income to $555 million.
Thomson — who beforehand blasted AI firms for failing to pay enough for content material — trumpeted News Corp’s artificial intelligence partnerships.
“Our confidence comes as the world is grappling with the potential impact of AI. We are an AI inputs company and that fact was reflected in our recent deal with Meta, which complements our partnership with OpenAI,” he mentioned.
Earlier this 12 months, News Corp. struck a multiyear AI content material licensing deal with Meta that can pay News Corp up to $50 million a 12 months. In 2024, News Corp agreed to a landmark content material licensing deal with OpenAI.
“We are in discussions with other companies who recognize the preciousness of provenance, and these potential deals should have a positive impact on our revenue and profitability,” Thomson mentioned.
News Corp CEO Robert Thomson mentioned the company is “on track for another year of record profitability.” Jordan Strauss/Invision/AP
He issued a warning to unscrupulous companies within the digital space.
“We are also tracking a number of dodgy digital firms scraping illicitly, illegally our precious content and shamelessly reselling this purloined property,” the exec mentioned.
“We have these baleful bad-boy bots in our sights and intend to pursue them vigorously. And we believe companies that willingly buy this stolen content from these nefarious fences are also culpable.”
