WSJ parent reports better-than-expected earnings
News Corp., the parent of The Wall Street Journal and Barron’s, reported first quarter earnings on Thursday that were higher than analyst expectations on higher revenue.
The New York based company reported net income of $68 million, or 12 cents per share, after reporting a loss of $15 million, or 3 cents a share, in the same quarter a year ago. Wall Street expected earnings of 2 cents per share.
Revenue was $2.06 billion for the quarter, up from revenue of $1.96 billion in the same quarter a year ago and above expectations of $1.98 billion.
In the division that includes The Journal and Barron’s, revenue grew 1.6 percent to $1.24 billion from $1.22 billion in the same quarter a year ago. Advertising revenue was flat, but circulation and subscription revenue rose 3 percent.
The Wall Street Journal average daily digital subscribers in the three months ended Sept. 30, were 1.32 million, compared to 967,000 in the prior year, up 36.3 percent.
Digital revenue for the news division was 27 percent of its total revenue, up from 24 percent a year ago.
The company’s shares rose 22 cents to $14.36 on Thursday.