News Corp Reports First Quarter Results for Fiscal 2024

Fiscal 2024 First Quarter Key Financial Highlights:
*First quarter revenues were $2.50 billion, a 1% increase compared to $2.48 billion in the prior year, driven by growth at the Book Publishing and Dow Jones segments
*Net income in the quarter was $58 million, compared to net income of $66 million in the prior year
*First quarter Total Segment EBITDA was $364 million, compared to $350 million in the prior year
*In the quarter, reported EPS were $0.05 as compared to $0.07 in the prior year – Adjusted EPS were $0.16 compared to $0.12 in the prior year
*Within the Dow Jones segment, professional information business revenues rose 14% and helped to underpin 10% Segment EBITDA growth and the highest first quarter profit margins since News Corp’s acquisition in 2007
*REA Group posted strong revenue growth driven by the residential business, which benefited from a double digit yield increase and improving listing volumes in Australia
*Book Publishing revenues grew 8%, while Segment EBITDA increased 67%, driven by higher book sales combined with improved returns

News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended September 30, 2023.

Commenting on the results, Chief Executive Robert Thomson said:
“We had a sterling start to the new Fiscal Year, with rising revenues and increased profitability despite difficult economic conditions in some of our markets. Our first quarter revenues were slightly higher at $2.5 billion, while our profitability rose 4 percent, marking the second consecutive quarter of profit growth.

Our positive performance in the quarter follows the three most profitable years since the creation of the new News Corp. In our view, these results certainly highlight the disparity between the value of our company and our share price, which we believe does not reflect our present profitability, yet alone the potential of our incomparable, growing businesses.
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