News Corp (NWSA) Reports Q1 Loss of $0.01
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Commenting on the results, Chief Executive Robert Thomson said:
“News Corp made real progress as it continued to drive higher digital revenues and position the Company for long-term growth. While the quarter presented some obvious challenges, particularly in print advertising and the weakness of the Pound Sterling, our revenues were relatively stable, underscoring the strength and scale of our portfolio and shift to digital.
Our Digital Real Estate Services segment posted another strong quarter with an 18% year-over-year revenue increase and is on a clear path to reshape the character of News Corp. At Realtor.com®, we generated solid revenue growth even as we retooled our product offerings. We expect that momentum to accelerate this year and to contribute meaningfully to EBITDA.
Book Publishing extended its gains from last quarter with healthy EBITDA growth despite the prior year comparison with Go Set a Watchman. A strong roster of titles and improvement in religious publishing should augur well for the coming quarters.
At our News and Information Services segment, the print advertising challenges were partially offset by higher digital revenues and disciplined cost initiatives. We continue to push digital, which accounted for 24% of segment revenues this quarter, up from 20% in the prior year. While we invest in high quality, premium content, this will be balanced with ongoing cost initiatives, as is evident from Dow Jones’ planned strategic reduction in spending and its focus on growing digital subscribers.
Despite ongoing political and economic uncertainty, particularly in U.S. and U.K. markets, we remain focused on expanding revenues and driving higher long-term value for investors.”
For earnings history and earnings-related data on News Corp (NWSA) click here.
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