News Corp

Latest Results (14.08.2024):

Revenue Growth

News Corp reported fiscal 2024 fourth quarter total revenues of $2.58 billion, a 6% increase compared to $2.43 billion in the prior year period. This growth was primarily driven by higher Australian residential revenues at REA Group, higher physical and digital book sales combined with lower return rates at the Book Publishing segment, and continued growth in the professional information business at the Dow Jones segment.

Net Income

Net income for News Corp in the fiscal 2024 fourth quarter was $71 million, a significant improvement compared to a net loss of $(32) million in the prior year. This increase was primarily driven by improved losses from equity affiliates due to the absence of a non-cash write-down of REA Group’s investment in PropertyGuru in the prior year, higher Total Segment EBITDA, and lower impairment and restructuring charges.

Total Segment EBITDA

News Corp reported fourth quarter Total Segment EBITDA of $380 million, an 11% increase compared to $341 million in the prior year. This was primarily due to strong contributions from the Book Publishing segment and REA Group. The increase was partly offset by Hubbl launch costs at Foxtel Group and lower contributions from the News Media segment and Move.

Earnings Per Share

For the fiscal 2024 fourth quarter, News Corp reported net income (loss) per share attributable to its stockholders of $0.09, compared to $(0.01) in the prior year. Adjusted EPS were $0.17 compared to $0.14 in the prior year, reflecting the company's improved financial performance.

Full Year Financial Performance

For the full fiscal year 2024, News Corp reported total revenues of $10.09 billion, a 2% increase compared to $9.88 billion in the prior year. Net income for the full year was $354 million, an 89% increase compared to $187 million in the prior year. Total Segment EBITDA for the full year was $1.54 billion, an 8% increase compared to $1.42 billion in the prior year, driven by improved performance at REA Group and the Book Publishing and Dow Jones segments.