News Corp Reports First Quarter Results for Fiscal 2024
*First quarter revenues were $2.50 billion, a 1% increase compared to $2.48 billion in the prior year, driven by growth at the Book Publishing and Dow Jones segments *Net income in the quarter was $58 million, compared to net income of $66 million in the prior year *First quarter Total Segment EBITDA was $364 million, compared to $350 million in the prior year *In the quarter, reported EPS were $0.05 as compared to $0.07 in the prior year. *Within the Dow Jones segment, professional information business revenues rose 14% and helped to underpin 10% Segment EBITDA growth and the highest first quarter profit margins since News Corp’s acquisition in 2007 *REA Group posted strong revenue growth driven by the residential business, which benefited from a double digit yield increase and improving listing volumes in Australia *Book Publishing revenues grew 8%, while Segment EBITDA increased 67%, driven by higher book sales combined with improved returns