Friday, August 10, 2018

News Corp Reports 29% Quarterly Increase In Revenue

News Corporation Thursday reported financial results for the three months and fiscal year ended June 30, 2018.

Commenting on the results, Chief Executive Robert Thomson said:

Robert Thomson
“Fiscal 2018 was a year of operational and transformational success at News Corp, with robust performance across our businesses, and positive and profound changes in the character of our revenue flows, which were more global, digital and subscription-based. We generated strong revenue and Segment EBITDA growth in the Digital Real Estate Services and Book Publishing segments, which, together with the consolidation of Foxtel, drove over $1 billion in profitability for the year.

"Digital Real Estate Services continues to flourish and we expanded into meaningful adjacencies, broadening our audience and our revenue sources. HarperCollins’ success underscores the importance of intelligent editors and great writers in creating premium content. Algorithms are, as yet, unable to write empathetic, compelling books. We also saw meaningful operational improvements at the News and Information Services segment led by higher digital paid subscribers and disciplined cost initiatives, notably in Australia. Mastheads like The Times, The Sunday Times and The Wall Street Journal reached new heights in their digital transformation, with digital paid subscribers now exceeding print subscribers. The new Foxtel is focused on product innovation and leveraging its valuable content."

The Company reported fiscal 2018 fourth quarter total revenues of $2.69 billion, a 29% increase compared to $2.08 billion in the prior year period.

The Company reported fiscal 2018 full year total revenues of $9.02 billion, an 11% increase compared to $8.14 billion in the prior year period.

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