News Corp
(ASX:NWS) posted better-than-expected third quarter financial results this morning, as its transition to digital services pays off.
The revenue of Rupert Murdoch’s company rose 5% to $1.98 billion compared to the prior year.
The company’s results were offset by lower print and advertising revenue. However, News Corp had some strong performing segments. For example, its news and information division (which reported a revenue gain of 3% to $1.26 billion) accounts for more than 60% of its total revenue.
The company’s high-growth digital real-estate segment also performed well – with its revenue rising 13% to $219 million.
New Corp's loss from continuing operations was break-even, compared to a $128 million loss in the prior year.
This morning, News Corp shares are tracking 1.73% higher at $18.24.
