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Mar 31, 2023
News Corp Q3 2023 Earnings Report
News Corp's financial performance decreased due to foreign currency fluctuations and challenging housing market conditions, but was partially offset by growth in Dow Jones and News Media segments.
Key Takeaways
News Corp reported a 2% decrease in revenues to $2.45 billion, impacted by foreign currency fluctuations and lower revenues in the Digital Real Estate Services segment. Net income decreased by 43% to $59 million, and adjusted EPS were $0.09 compared to $0.16 in the prior year. The company is implementing cost-cutting measures, expecting to achieve at least $160 million in annualized savings.
Revenues decreased by 2% to $2.45 billion, with adjusted revenues flat.
Net income decreased to $59 million, and EPS were $0.09.
Dow Jones segment revenues grew by 9%, driven by professional information business growth.
Foxtel Group exceeded 3 million total streaming subscribers, achieving the lowest broadcast churn since Fiscal 2016.
Revenue by Segment
Forward Guidance
The Company now expects to achieve at least $160 million in annualized savings from the previously announced headcount reductions, up from the prior estimate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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