News Corp reports slightly lower revenue, slightly higher income
Total revenue falls 4 percent, but news division sees revenue fall 9 percent in the quarter
Lower costs were able to offset lower revenue, leading to News Corp, the spun off publishing arm of the Murdoch empire, to post a 9 percent gain in income.
In the company’s Q2, total revenue was $2.24 billion, a 4 percent decrease as compared to the prior year. But the News and Information Services segment saw revenue fall 9 percent on lower advertising. Income grew, however, due to consolidation at FOX SPORTS Australia, as well as stronger performances in the Digital Real Estate and Book Publishing segments.
Advertising revenue was particularly hard hit in News Corp’s Australian newspapers where revenue fell 17 percent.
The Book Publishing segment saw revenue climb 4 percent as a result of strong sales of the Divergent series by Veronica Roth, The Pioneer Woman Cooks: A Year of Holidays by Ree Drummond and The First Phone Call from Heaven by Mitch Albom.