News Corp (NASDAQ:NWSA) stock took a hit on Tuesday after it posted losses in its fiscal first quarter of 2017.
News Corp reported losses per share of 1 cent for its fiscal first quarter of 2017. This is down from its earnings per share of 5 cents that it reported in its fiscal first quarter of 2016. It also just missed Wall Street’s estimate for the quarter, which had the company breaking even.
Revenue reported by News Corp in its fiscal first quarter of 2017 was $1.97 billion. The media company reported revenue of $2.01 billion during the same time last year. Analysts were expecting the company to report revenue of $1.96 billion for the quarter.
News Corp also noted that it didn’t have any income from continuing operations in its fiscal first quarter of 2017. Income from continuing operations in its fiscal first quarter of 2016 was $143 million. The company attributes this decline to a $106 million tax break in its fiscal first quarter of 2016.
News Corp is currently focused on increasing the number of digital subscribers it has to its services. This happens as the company faces trouble with print sales in its News and Information Services segment. Digital revenue for this segment was up 4% to 24% during the first fiscal quarter of 2017.
News Corp also reported Total Segment EBITDA of $130 million during its first fiscal quarter of 2016. Total Segment EBITDA reported by the company during its first fiscal quarter of 2016 was $165 million.
News Corp also completed its acquisition of Wireless Group plc during its first fiscal quarter of 2017.
NWSA stock was down 5% as of Noon Tuesday and 13% year-to-date.
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