News Corp reported first-quarter revenue and profit that fell short of Wall Street estimates, even though the company recorded an increase in advertising and subscription sales.
Shares fell 2.5 percent in after-market trading, total revenue decreased 1 percent to $2.48 billion in the quarter ending Sept. 30. Net income plunged 75 percent to $66 million.
However, sales at the Dow Jones unit increased 16 percent to $515 million in the reported quarter and overall advertising revenue grew to $406 million.
“Turning to the upcoming quarter, we continue to expect higher costs due to supply chain and inflationary pressures,” chief financial officer Susan Lee Panuccio said in an analysts call. “Advertising conditions and mix and visibility remains limited across the businesses.”
Trading on the NASDAQ exchange, News Corp. stock (NWSA) ended the week of Nov. 7 up roughly 5 percent, trading at about $17.50 per share.
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