WSJ parent reports better-than-expected earnings
Wall Street Journal owner News Corp. reported better-than-expected quarterly revenue and profit on Thursday, as growth in its online real estate business helped offset a fall in advertising revenue.
A Reuters story stated, “Sales in its news and information services business, which accounts for about two-thirds of total revenue, fell marginally to $1.30 billion in the second quarter.
“Advertising revenue fell 6 percent, but those declines were made up by a similar increase in circulation and subscription revenue.
“The company’s Dow Jones unit helped drive most of those gains on the back of continued digital subscriber growth at the Wall Street Journal. The newspaper’s average daily digital subscribers jumped 28.6 pct to about 1.4 million.”
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