Revenue for News Corporation (NWS) fell for the fourth quarter in a row, hurt by a stronger dollar and dwindling advertising revenue in its core news and information services business, which includes Dow Jones and the Wall Street Journal.
The company, which is controlled by media mogul Rupert Murdoch, said total revenue fell 4.3% to $2.16 billion in the second quarter ended Dec. 31.
Analysts on average were expecting revenue of $2.13 billion, according to Thomson Reuters I/B/E/S.
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Revenue at News Corp’s news and information services unit declined 8.1% to $1.40 billion. The unit, which accounted about 65% of total revenue, also owns the New York Post and The Sun.
Newspaper and magazine publishers have been under unabated pressure to offset a decline in print advertising dollars by shoring up their digital business to attract advertisers and by boosting subscriptions.
News Corp’s segment advertising revenue fell 12% in the latest quarter. The company’s total revenue also took a $141 million hit due to foreign currency fluctuations.
Net income available to shareholders fell 56% to $62 million, or 11 cents per share.
Excluding items, its earned 20 cents per share, missing analysts’ estimates of 21 cents.
(Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D’Souza)