News Corp reports 4% growth in revenue in Q1 2015 earnings report
Growth recorded in book and digital businesses, and includes the acquisition of Harlequin in August
The publishing company News Corp reported its quarterly earnings and said revenue grew 4 percent in the first quarter of its 2015 fiscal year. The growth was attributed to its book publishing and digital real estate services, as well as the inclusion of results from its acquisition of Harlequin.
“Our digital offerings are expanding in reach and depth, while our global platform has been bolstered in books, online real estate and business information and analysis,” Chief Executive Robert Thomson said in the earnings statement.
“The announced acquisition of Move will provide a new foundation for growth in digital real estate, and we will use our extensive resources at Dow Jones, News America Marketing and the New York Post to drive traffic and revenue in coming years. We also closed the acquisition of Harlequin and our team has already begun delivering on our expectations of increasing the international profile and potential of HarperCollins. Meanwhile, we have seen tangible improvement in our newspaper business in Australia and circulation revenue gains at The Times and The Wall Street Journal.”
The biggest revenue segment for the company remains news and information services, which saw revenue fall 3 percent to $1.451 billion. Book publishing grew 24 percent to $406 million.
Net income more than doubled to $65 million from $27 million the year before.