News Corp., the parent company of The Wall Street Journal, MarketWatch.com and Barron’s, reported third-quarter earnings that were better than expected, but its revenue was lower than expected.
The New York-based company reported net income of $23 million, or 2 cents per share, after the company reported a loss of $1.1 billion, or $1.94 per share, in the third quarter a year ago. The earnings beat Wall Street expectations by 4 cents per share.
Revenue of $2.46 billion, up 17 percent compared to the year-ago quarter, was below estimates of $2.51 billion.
Digital-only subscribers for The Wall Street Journal grew 19 percent in the quarter to a new record of approximately 1.8 million.
Revenue at Dow Jones, the subsidiary that oversees the Journal, MarketWatch and Barron’s grew 1 percent in the quarter, but advertising revenue fell 8 percent. Circulation revenue at Dow Jones grew 7 percent in the quarter.
Digital accounted for 55 percent of Dow Jones’ revenue.
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