News Corp Reports Third Quarter Results for Fiscal 2024

Fiscal 2024 Third Quarter Key Financial Highlights:
*Third quarter revenues were $2.42 billion, a 1% decrease compared to $2.45 billion in the prior year, reflecting a $21 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues were flat compared to the prior year
*Net income in the quarter was $42 million, compared to net income of $59 million in the prior year

Commenting on the results, Chief Executive Robert Thomson said:
“News Corp has again made substantial progress on our strategic imperative to transform the company and increase value for all shareholders.

News Corp’s profitability rose slightly in the third quarter as compared to the prior year, continuing our growth this fiscal year — and that increase, which gathered pace in April, follows the three most profitable years since the company was reincarnated in 2013.

We are in the midst of an exponential digital revolution, and our own company has continued to change significantly and profitably. Importantly, we are working to promote our quality journalism in the age of Generative AI and are gratified that the most enlightened leaders in the industry appreciate the commercial and social value of that content.

Separately, we have this week extended our existing partnership with Google.

As mentioned previously, we have been reviewing our company’s structure — and that work is intense and ongoing — and we have made underlying changes to provide maximum flexibility.”
details at: https://newscorp.com/2024/05/08/news-corp-reports-third-quarter-results-for-fiscal-2024/

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