News Corp Slightly Underperforms First Quarter Sales Guidance

News Corp, owner of The New York Post, Wall Street Journal and Dow Jones, slightly underperformed its first-quarter earnings guidance on Tuesday, partly due to foreign exchange fluctuations.

Total revenue fell 1% to $2.48 billion for the quarter ending Sept. 30, according to Refinitiv data, while analysts had expected $2.5 billion, according to the New York-based company. became. Excluding the impact of foreign exchange, earnings increased by 5%.

Overall revenue from advertising increased to $406 million, up $1 million from a year ago.

However, net income fell 75% to $66 million. On an adjusted basis, News Corp reported his earnings per share of 12 cents, but analyst estimates he missed 15 cents.

News Corp shares rose 2.2% in aftermarket trading.

News Corp Chief Executive Officer Robert Thomson told investors, “While the macro environment is clearly volatile, the results show News Corp’s resilience and continued growth and profitability. It highlights the potential for improvement,” he said. “News Corp is building on a strong foundation. We have reported record profitability in each of the past two fiscal years and have strengthened our fortune through prudent investments and rationalization of our cost base. I did.”

Last month, News Corp. Considering rejoining with Fox Corp., which owns Fox NewsThe reunion would reunite two divisions of Rupert Murdoch’s media empire that separated in 2013.