- News Corp NWSA reported Q3 FY23 revenues decrease of 2% Y/Y to $2.45 billion and adjusted EPS of $0.09, which declined from $0.16 a year ago.
- Revenues and adjusted EPS beat the Wall Street estimates of $2.37 billion and $0.05, respectively.
- Revenue was mainly impacted by lower revenues from the Digital Real Estate Services segment (-13% Y/Y) and a negative impact of 4% from foreign currency translations.
- Subscription Video Services fell 3% Y/Y to $477 million and News Media revenues were down 3% Y/Y to $563 million. Revenues from Dow Jones rose 9% Y/Y, and Book Publishing remained flat Y/Y.
- As of March 31, 2023, total closing paid subscribers in Foxtel rose 6% Y/Y to over 4.5 million, on higher streaming subscribers driven by BINGE and Kayo. Broadcast subscriber churn improved to 12.3% (the lowest since FY16) versus 14.3% in the prior year.
- Segment EBITDA declined 11% Y/Y to $320 million in the quarter.
- Net cash from operating activities stood at $670 million at the end of nine months FY23.
- The company expects annual savings of at least $160 million from the previously announced headcount reductions of 5% by end-FY23.
- "These results demonstrate the fundamental differences in the character of News Corp compared with other media companies. In a period in which advertising was clearly insipid in certain parts of the world, our core non-advertising revenue has been particularly robust, highlighted by a 38 percent increase in revenues at the Dow Jones professional information business," said Robert Thomson, CEO.
- Price Action: NWSA shares are trading higher by 6.51% at $17.83 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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