News Corp. reported that its revenue dipped about 1% while its net income sunk 29% for the third fiscal quarter of 2024, which the media company attributed to lower advertising revenues in the news media segment, lower physical book sales and a challenging U.S. housing market.
Here are the top-line results:
Net income: $42 million, a 29% drop from $59 million in 2023
Revenue: $2.42 billion, short of the $2.48 billion estimated by analysts at Zacks Investment Research
EPS: An adjusted 11 cents per share vs. 10 cents estimated by Zacks
Subscriptions: 322,000 net additional digital subscriptions for Dow Jones to top 5 million in the quarter, a 17% increase year-over-year
News Corp.
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