On Thursday, News Corp (NASDAQ: NWS) beat estimates for first-quarter revenue and profit, driven by growth in its digital real estate services, book publishing, and Dow Jones segments.
The company also said Susan Panuccio will depart from her role as finance chief and will be replaced by Lavanya Chandrashekar early next year.
The company’s Dow Jones segment, which provides news and business information and includes the Wall Street Journal, Barron’s, MarketWatch, and Investor’s Business Daily, saw a surge in content licensing and digital subscription in the first quarter.
The segment, which accounts for the largest share of revenue, grew 3% to $552 million in the quarter on a robust professional information business.
News Corp’s (NASDAQ: NWS) revenue stood at $2.58 billion in the quarter ended September 30, compared with an estimate of $2.57 billion, according to data compiled by LSEG.
Property listing firm REA Group, which is 62% owned by News Corp, saw a 22% rise in revenue to $54 million, as residential demand remains strong in Australia due to price hikes.
Revenue from its book publishing unit, which consists of HarperCollins, rose 4% on higher sales of its physical and digital books.
News Corp’s adjusted profit per share stood at 21 cents in the quarter, beating estimates of 16 cents.
(Source: Reuters)
