News Corp reported its Q3 earnings for 2016 on Thursday, with the Rupert Murdoch-led media giant just meeting analyst expectations.
The company reported earnings per share of $0.04 on revenue of $1.9 billion. Analysts had projected that they would report earnings per share of $0.03 on $1.93 billion. That represents a 7 percent decline, compared to earnings per share of $0.09 on $2 billion in revenue during the same quarter last year.
The decline in total reported revenues includes a negative impact from foreign currency fluctuations of $72 million. In addition, adjusted revenues declined 5 percent compared to the prior year.
“With the advertising market in the midst of upheaval, advertisers and agencies are experimenting with their spend,” CEO Robert Thomson said. “We believe that premium mastheads and audiences are currently undervalued by agencies, some of which are more focused on fashion than function.”
“The third quarter results were materially affected by a $280 million pre-tax charge at News America Marketing to resolve a legacy lawsuit and related claims, and continued currency headwinds, which impacted revenues by $72 million and EBITDA by $9 million,” Thomson continued.
The company most recently reported declines in their Q2 revenue back in February, posting revenue of $2.16 billion at that time.