News Corp Reports First Quarter Results for Fiscal 2023

Fiscal 2023 First Quarter Key Financial Highlights
*Revenues in the quarter were $2.48 billion, a 1% decrease compared to $2.50 billion in the prior year, driven by a $153 million, or 6%, negative impact from foreign currency fluctuations and lower Book Publishing segment revenues. Adjusted Revenues increased 3%
*Net income in the quarter was $66 million compared to $267 million in the prior year
*Total Segment EBITDA in the quarter was $350 million compared to $410 million in the prior year

News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended September 30, 2022.

Commenting on the results, Chief Executive Robert Thomson said:
“While the macro environment is patently more volatile, the results highlight the resilience of News Corp and the potential for sustained growth and increased profitability.

Headline revenues were down one percent to $2.5 billion, but the decline was obviously a consequence of foreign currency fluctuations. On an adjusted basis, our revenues grew a healthy three percent, building on the robust results from last year.

Profitability for the quarter was $350 million, down 15 percent, although that reflects the forex headwinds and a fundamental reset by Amazon of its book inventory levels and warehouse footprint. We view neither factor as reflective of core business conditions or of our long-term potential.

Dow Jones posted its best first quarter results since its acquisition with revenues rising 16 percent and Segment EBITDA an even more impressive 19 percent, benefiting from the successful integration of OPIS and Chemical Market Analytics, strong digital advertising growth, record digital subscriptions and continued momentum at Risk & Compliance.

News Corp is building on a sturdy base. We have reported record profitability in each of the last two fiscal years and bolstered our fortunes through savvy investments and by streamlining the cost base.”
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