News Corp (NWSA) Crushed Q1 Earnings Results
News Corp (NASDAQ:NWSA) posted its latest quarterly earnings results after the bell Thursday.
For its first quarter, the company raked in seven cents per share on an adjusted basis, while analysts polled by Thomson Reuters expected adjusted earnings of one cent per share. In the year-ago quarter, News Corp earned one cent per share.
Revenue was a strong point for the company as well, amounting to $2.06 billion, topping the $1.97 billion that the Wall Street consensus estimate called for, per Thomson Reuters. Year-over-year, revenue grew 5.1%.
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CEO Robert Thomson praised News Corp’s strong quarter and remains optimistic for the future of its media business, despite the changes in the ranking of news content brought forth by Google, owned by Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL).
Thomson notes that the company is in discussions with the search engine and Facebook Inc (NASDAQ:FB) about facilitating subscriptions and sharing personal data under consumers’ permission. He added that News Corp seeks to continue serving its advertisers with data that is reliable, not risible.
The company’s CEO also discussed a non-binding agreement inked with Telstra to combine Foxtel and FOX SPORTS Australia, granting News Corp 65% of the new company.
“Pending definitive documentation and regulatory approval, we expect to close in the first half of calendar year 2018,” he added. “The combined company, with majority control by News Corp, is expected to fundamentally transform our revenue and EBITDA profile, and increase the relative share of digital subscription businesses.”
NWSA shares fell less than 0.1% after the bell today.
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