Put Your AD here!

News Corp beats revenue estimates as digital subscriptions grow

News Corp beats revenue estimates as digital subscriptions grow


This article was originally published on NY Post - Business. You can read the original article HERE

News Corp beat Wall Street estimates for fourth-quarter revenue on Thursday, boosted in part by digital subscription growth at its Dow Jones business.

The New York-based media giant — which owns The Post, The Wall Street Journal and Dow Jones — said revenue in the quarter ended June 30 jumped 6% to $2.58 billion, compared to $2.43 billion a year earlier.

The company credited much of the revenue bump on 4% growth in its Dow Jones division, which includes The Journal, Barron’s and Market Watch.

News Corp turned in a 6% increase in fourth-quarter revenue, due in part to strength at its Dow Jones business unit.
News Corp turned in a 6% increase in fourth-quarter revenue, due in part to strength at its Dow Jones business unit. Christopher Sadowski

Net income for the quarter totaled $71 million, or 9 cents a share, compared with a year-ago net loss of $32 million, or a penny a share. Adjusted EPS equaled 17 cents. Wall Street expected EPS of 16 cents on revenue of $2.49 billion.

For the year, News Corp reported profit of $266 million, or 46 cents a share. Revenue was $10.09 billion.

News Corp’s stock price closed at $27.76. It is up 11% in the last three months and a whopping 34% over the past year.

The company signed a multi-year partnership with London Stock Exchange Group last month and partnered with Sam Altman-led OpenAI in May.

“Our landmark agreement with OpenAI is not only expected to be lucrative, but will enable us to work closely with a trusted, pre-eminent partner to fashion a future for professional journalism and for provenance,” News Corp CEO Robert Thomson said.

“Meanwhile, we have begun to take legal steps against AI aggressors, the egregious aggregators, who are predatory in the confiscation of our content. ‘Open source’ can never be a justification for ‘open slather.’”

News Corp CEO Robert Thomson touted the company's landmark deal with OpenAI during the quarterly earnings call.
News Corp CEO Robert Thomson touted the company’s landmark deal with OpenAI during the quarterly earnings call. REUTERS

The OpenAI deal will allow the ChatGPT creator to use current and archived content produced by News Corp-owned outlets to answer user questions and train its AI models.

The five-year deal could be worth more than $250 million in cash and credits for the use of OpenAI technology, the Wall Street Journal reported in May.

Thomson also thanks those who helped free Wall Street Journal reporter Evan Gershkovich, who had been imprisoned in Russia since March 2023.

“I would like to express our sincere gratitude to all who contributed to the emancipation of Evan Gershkovich,” Thomson said.

“His freedom was made possible by the concerted efforts of concerned, principled people who recognized that his incarceration was unjust and immoral. Many thanks to our leaders at Dow Jones and News Corp, who campaigned vigorously for Evan, and to the US Government and other enlightened Governments, whose divine interventions played a pivotal role in his release.”

This article was originally published by NY Post - Business. We only curate news from sources that align with the core values of our intended conservative audience. If you like the news you read here we encourage you to utilize the original sources for even more great news and opinions you can trust!

Read Original Article HERE



YubNub Promo
Header Banner

Comments

  Contact Us
  • Postal Service
    YubNub Digital Media
    361 Patricia Drive
    New Smyrna Beach, FL 32168
  • E-mail
    admin@yubnub.digital
  Follow Us
  About

YubNub! It Means FREEDOM! The Freedom To Experience Your Daily News Intake Without All The Liberal Dribble And Leftist Lunacy!.


Our mission is to provide a healthy and uncensored news environment for conservative audiences that appreciate real, unfiltered news reporting. Our admin team has handpicked only the most reputable and reliable conservative sources that align with our core values.