News Corp Reports Second Quarter Results for Fiscal 2023

*Revenues in the quarter were $2.52 billion, a 7% decrease compared to $2.72 billion in the prior year, reflecting a $171 million, or 6%, negative impact from foreign currency fluctuations. Adjusted Revenues decreased 3%
*Net income in the quarter was $94 million compared to $262 million in the prior year
*Total Segment EBITDA in the quarter was $409 million compared to $586 million in the prior year
*In the quarter, reported EPS were $0.12 compared to $0.40 in the prior year – Adjusted EPS were $0.14 compared to $0.44 in the prior year

Commenting on the results, Chief Executive Robert Thomson said: “The second quarter highlighted the progress made in certain of our business segments. Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses. But we believe these challenges are more ephemeral than eternal. Just as our company passed the stress-test of the pandemic with record profits, the initiatives now underway, including an expected 5 percent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.

Even in the midst of the obvious global challenges, the professional information business at Dow Jones displayed particular promise, with revenues surging 45 percent year-over-year. That encouraging result highlights the value of our opportunistic acquisitions of OPIS and CMA, and continuing growth at our burgeoning Risk and Compliance business.

In terms of portfolio optimization, as publicly reported, we have been actively engaged in discussions with CoStar Group about a potential sale of Move. Any transaction would be designed to create shareholder value and strengthen Realtor.com®’s competitive position.”
details at: https://newscorp.com/2023/02/09/news-corp-reports-second-quarter-results-for-fiscal-2023/

Related Posts

Gannett Announces Third Quarter 2022 Results

Third Quarter 2022 Financial Highlights: • Total revenues of $717.9 million decreased 10.3% compared to the third quarter of 2021 ◦ Same store revenues(2) decreased 9.0% compared to the third quarter of 2021 • Total digital revenues were $256.4 million or 35.7% of total revenues, down 2.3% over the same period in the prior year on a same store(2) basis mainly as a result of weakness in digital media year-over-year • Net loss attributable to Gannett of $54.1 million, a loss margin of 7.5% • Cash provided by operating activities of $31.3 million • Free cash flow(2) of $18.6 million

Supreme Court considers future of online sales tax

As the U.S. Supreme Court evaluates whether online retailers should collect sales taxes, industry groups continue to urge the court to overturn the tax break adopted in the pre-Internet era. On Tuesday, the court heard oral arguments on a 2016 South Dakota law that requires online merchants with more than $100,000 in sales to state residents, or 200 transactions with state residents, to collect sales tax. The law was struck down last year by South Dakota’s highest court, which cited the Supreme Court’s 1992 Quill Corp. v. North Dakota decision. In that case, the justices said online sellers can only be required to collect sales tax in states where they have a physical presence such as a store, office or warehouse. Part of their reasoning was that there were more than 6,000 state and local sales tax jurisdictions across the country and that the regulations were too complex for a seller to know how much to collect unless they were doing business locally. Click Read More below for additional information.

Gap Inc. Reports First Quarter Fiscal 2022 Results

First Quarter Fiscal 2022 - Financial Results: *Net sales of $3.5 billion, down 13% compared to last year. *Net sales growth in the first quarter fiscal 2022 was negatively impacted by an estimated 5 percentage points related to lapping the benefit of stimulus last year and approximately 3 percentage points from divestitures, store closures, and the transition of the company’s European business to a partnership model. *Comparable sales were down 14% year-over-year. *Store sales declined 10% compared to last year. The company ended the quarter with 3,414 store locations in over 40 countries, of which 2,825 were company operated. *Gross margin was 31.5%, 930 basis points lower than last year. *Operating loss was $197 million in the quarter; operating margin of negative 5.7%. *Net loss of $162 million
Back To Top
×Close search
Search