WSJ parent reports better-than-expected earnings
News Corp., the parent of The Wall Street Journal, Barron’s and MarketWatch.com, reported second-quarter earnings that beat Wall Street estimates due to strong results in all of its businesses.
The New York-based company reported net income of $119 million, or 16 cents per share, compared to a loss a year earlier. Adjusted, the earnings were 18 cents, beating analyst estimates of 15 cents per share.
Revenue of $2.63 billion rose 21 percent and matched expectations.
“News Corp has reported increased profitability and revenue growth during the first half of fiscal 2019, highlighting the power of premium content and authenticated audiences in a fact-challenged world that craves credibility,” said CEO Robert Thomson in a statement.
Its shares closed Thursday at $12.71, down 21 cents.
In the news and information services division, revenues fell 3 percent to $1.26 billion, but revenues in Dow Jones, which operates the Journal, Barron’s and Marketwatch, rose 4 percent.
Advertising revenues at Dow Jones were flat in the quarter, as record digital advertising revenues offset the weakness in print advertising.
Dow Jones saw a 7 percent increase in its circulation revenues, reflecting 23 percent digital paid subscriber growth at The Journal.
The Journal average daily digital subscribers in the three months ended Dec. 31, 2018, were 1,709,000, compared to 1,389,000 in the prior year
Read the earnings release here.