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News Corp Stock Falls as Y2Y Loss Widens

News Corp (NASDAQ:NWSA) reported its latest quarterly earnings results after the bell Thursday, which topped analysts’ expectations on the revenue front but its loss widened year-over-year.

News CorpThe media conglomerate, owned by Rupert Murdoch, unveiled a third-quarter loss that widened considerably from its year-ago quarter Thursday as the company was hit with $1.16 billion in charges, mostly linked to write-downs related to Foxtel and FOX SPORTS Australia.

News Corp had inked a deal with Australian media company Telstra Corp Ltd in March to merge Fox Sports Australia and Foxtel in order to create a combined company. The company’s total revenue for the quarter came in at $2.09 billion, a 5.8% increase compared to the year-ago quarter that was aided by strength in its digital real estate business.

The company’s sales were better than the Wall Street consensus estimate of $1.99 billion, according to Thomson Reuters. News Corp added that its revenue at the unit, which includes real estate websites such as realtor.com and doorsteps.com, was up by about 27% compared to the year-ago quarter, reaching $279 million.

On an adjusted basis, the media company brought in earnings of 6 cents per share. The figure was in line with analysts’ expectations of 6 cents per share, according to data compiled by Thomson Reuters.

NWSA shares were up about 0.5% during regular trading hours, then fell roughly 0.6% after the bell.

Article printed from InvestorPlace Media, https://investorplace.com/2018/05/news-corp-nwsa-3/.

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