Shutting down tablet publication The Daily cut $6 million of News Corp’s costs in the last qurter, the company’s CFO Bedi Singh said on Monday.
Rupert Murdoch’s attempt to enter the tablet market, launched February 2011, was a costly misstep for the company. It cost $30 million to launch, and, in its first quarter of existence, lost the company another $10 million dollars.
In July 2012, the company laid off 50 people — about a third of its staff — and by the end of 2012, the so-called “first iPad newspaper” announced it was shutting down. It had just over 100,000 subscribers at its peak.
On Monday, News Corp. released its earnings for the first quarter of fiscal year 2014, reporting revenue of $2.07 billion and income of $38 million. Though the income was up year-over-year, it still fell short of Wall Street expectations.