News Corp (ASX:NWS) posts $9.36 bn in revenue

Company News

by Lauren Evans

Global media broadcaster News Corporation (ASX:NWS), posts revenue of $9.36 billion for the period ending 30 Jun 2021 (FY21), up 4 per cent from the prior year and 30 per cent in the fourth quarter (Q4 FY21).

Total segment earnings before interest, taxes, depreciation & amortisation for FY21 of $1.27 billion, a 26 per cent increase from the prior year. 

The increase follows a positive impact from foreign currency fluctuations and strong growth at the Digital Real Estate Services, Book Publishing and Dow Jones segments.

The advertising market recovered from the Covid-19 pandemic in the prior year and reached higher subscription revenue at the Subscription Video Services.

The company reached a net income of $389 million in FY21 compared to a net loss of $1.55 billion in the prior year, which included non-cash impairment charges of $1.69 billion.  

Chief executive Robert Thomson said, "profitability improved by 26 per cent for the year, when we had a record number of digital subscriptions, record revenue and profits at Move and record traffic at®, record profits at HarperCollins and the largest profit at Dow Jones since its acquisition in 2007."

He continues "we also saw record subscriber growth at Foxtel, where, at the end of June, our paid streaming subscribers reached over 2 million, an increase year-on-year of 155 percent."

Shares in News Corporation (ASX:NWS) are trading 4.5 per cent higher at $34.10. 

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