WSJ parent reports earnings that miss expectations
The company reported earnings, minus some items, of 1 cent per share. Analysts were expecting earnings of 3 cents per share.
Edmund Lee of Bloomberg News writes, “The news division, which publishes the Wall Street Journal and the New York Post in the U.S., continued to face difficulty at a time when advertising is fleeing print in favor of digital destinations. Sales in the division fell 6.3 percent to $1.56 billion as advertising revenue weakened.
“Shares of News Corp. fell 1.2 percent to $17.42 at the close in New York.
“Net income was $13 million, or 2 cents a share, compared with a loss of $1.12 billion, or $1.94, a year earlier.”
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