News Corp (NASDAQ:NWSA) reported on its fourth quarter of fiscal 2017 late Thursday.
The company posted a net loss of $84 million, or 14 cents per share during the period, topping the year-ago loss of $290 million, or 50 cents per share. A year ago, News Corp was hit hard by an impairment charge and asset-write down.
Meanwhile, the recent results were affected by higher tax expenses linked to the new U.S. tax code. On an adjusted basis excluding this charge, the company earned 24 cents per share, beating the Wall Street consensus estimate of 19 cents per share, according to Thomson Reuters.
Revenue for the period came in at $2.18 billion, a 3% increase compared to the year-ago quarter. News Corp’s sales were higher than the $2.13 billion that analysts polled by Thomson Reuters were calling for thanks in part to an improvement in its digital real estate unit, despite weakness in its advertising business.
The company reported that its digital subscribers now make up 60% of Wall Street Journal’s base. Its overall digital segment grew to 29%, up 26% from the year-ago period. The company’s daily digital subscriber base rose 28.6% year-over-year, reaching 1,389,000, while its advertising revenue fell 6% year-over-year.
“The bot-infested badlands are hardly a safe space for advertisers, whose brands are being tainted by association with the extreme, the violent and the repulsive,”CEO Robert Thomson said during News Corp’s earnings call.
NWSA stock gained 0.8% on Friday.