News Corp., the parent company of The Wall Street Journal, Barron’s and Marketwatch.com reported third-quarter earnings that beat analyst expectations despite a decline in revenue.
The New York-based company reported net income of $48 million, or 8 cents per share. Analysts were expecting that the company would earn 3 cents per share.
However, revenue during the quarter fell 5 percent to $2.08 billion.
In the news and information services division that includes its business journalism operations, revenue fell 9 percent to $1.49 billion. Circulation
and subscription revenues declined 5 percent, primarily to the continued decline in institutional revenues at Dow Jones.
Operating profits in the news and information division fell to $146 million in the quarter, down from $164 million in the same quarter a year ago.
The earnings release can be read here.
