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News Corp says second fiscal quarter was most profitable since company reorganization 7 years ago

Economy, Finance

News Corp said late Thursday that its second fiscal quarter was the most profitable quarter since the company’s reorganization seven-plus years ago, even as quarterly revenue declined by 3% from the year-ago quarter. CEO Robert Thomson said the Dow Jones unit, which includes MarketWatch, Barron’s and the Wall Street Journal, had its most profitable quarter since it was acquired by the pre-reorganization News Corp. in 2007. While the unit’s advertising revenue contracted by 4%, primarily attributable to a 29% decline in print advertising sales, digital advertising on Dow Jones properties grew 28%, with circulation and subscription revenue increasing by 8%. Overall, News Corp said, second-quarter revenue dipped to $2.41 billion from $2.48 billion in the year-earlier quarter. Net income rose to $261 million from $103 million in the second quarter of fiscal 2020. Adjusted earnings per share of 34 cents, up from a year-earlier 18 cents, outpaced the consensus analyst estimate of 9 cents a share, according to Zacks. New York Times Co. similarly had said early Thursday that subscription revenue for its most recently completed quarter had offset advertising weakness.

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