Media Moves

News Corp profits fall short of Wall Street estimates

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.

Read more here.

Mariam Ahmed

Recent Posts

Is this the end of CoinDesk as we know it?

Former CoinDesk editorial staffer Michael McSweeney writes about the recent happenings at the cryptocurrency news site, where…

7 hours ago

LinkedIn finance editor Singh departs

Manas Pratap Singh, finance editor for LinkedIn News Europe, has left for a new opportunity…

1 day ago

Washington Post announces start of third newsroom

Washington Post executive editor Matt Murray sent out the following on Friday: Dear All, Over the last…

2 days ago

FT hires Moens to cover competition and tech in Brussels

The Financial Times has hired Barbara Moens to cover competition and tech in Brussels. She will start…

2 days ago

Deputy tech editor Haselton departs CNBC for The Verge

CNBC.com deputy technology editor Todd Haselton is leaving the news organization for a job at The Verge.…

2 days ago

“Power Lunch” co-anchor Tyler Mathisen is leaving CNBC

Note from CNBC Business News senior vice president Dan Colarusso: After more than 27 years…

2 days ago