Print advertising decline continues to hit News Corp

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News Corp published fourth-quarter revenue that was below the forecasts as the owner of The Times was hit by decreasing demand for print advertisements.

The shares of the firm, managed by media magnate Rupert Murdoch, were down by 1.4 percent in past off-trading hours on Thursday.

Advertisements, the company’s biggest source of income, plunged 8.2 percent to $737m (£568m)  in the published report.

Circulation and subscription revenue also fell by about eight percent in the period to $636m.

The firm published a net loss available to stockholders of $430m, or 74 cents per share, in the fourth semester which ends June 30, in comparison with a profit of $89m, or 15 cents per share, a year prior.

News Corp, the owner of the book publisher HarperCollins and various newspapers including The Wall Street Journal, said it had 11 cents per share on an adjusted basis, missing estimates of 9 cents per share, according to Thomson Reuters.

Total revenue was down 6.6 percent to $2.08bn, missing previous forecasts of $2.10bn.

In its HarperCollins business, it said that the “emergence of digital audio and our expanding global footprint are potent sources of long-term growth”.

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