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Murdoch's News Corp.: Quarterly Loss Widens on Write-Downs

Murdoch's News Corp.: Quarterly Loss Widens on Write-Downs
Piotr Trojanowski | Dreamstime.com

Thursday, 10 May 2018 04:35 PM

News Corp., controlled by media mogul Rupert Murdoch, reported a bigger third-quarter loss on Thursday as the company recorded $1.16 billion in charges, largely due to write-downs related to Foxtel and FOX SPORTS Australia.

Shares of the Wall Street Journal owner (NWSA) fell 1.7 percent in extended trading.

News Corp had signed a deal with Australian media company Telstra Corp. Ltd. (TLS.AX) in March to combine Fox Sports Australia and Foxtel to create a combined company.

Net loss available to stockholders widened to $1.13 billion, or $1.94 per share, from $5 million, or one cent per share, a year earlier.

Total revenue rose 5.8 percent to $2.09 billion, beating estimates of $1.99 billion, led by strength in its digital real estate business.

Revenue at the unit, which houses real estate websites such as realtor.com and doorsteps.com, jumped 27 percent to $279 million.

Excluding items, the company earned 6 cents per share, in line with analysts’ estimate, according to Thomson Reuters I/B/E/S.

© 2019 Thomson/Reuters. All rights reserved.

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News Corp, the owner of Wall Street Journal and book publisher HarperCollins, reported a 5.8 percent rise in quarterly revenue on Thursday, as more people used its real estate app and website.
murdoch, news corp, revenue, sales
Thursday, 10 May 2018 04:35 PM
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