In the fiscal fourth quarter, News Corp, the New York-based media company, reported a loss of $8 million, or 1 cent per share. This is in contrast to a profit of $110 million, or 19 cents per share, in the same period a year ago. Analysts had expected per-share earnings of 6 cents.
After adjusting for certain one-time items, the adjusted per-share earnings were 14 cents, surpassing analysts' forecast of 9 cents.
However, the company experienced a decline in revenue, which dropped by 9% to $2.43 billion, falling short of the expected $2.49 billion.
News Corp attributed its fourth-quarter loss to factors such as a tax benefit in the year-ago quarter, higher non-cash write downs, and increased impairment and restructuring charges.
On a positive note, News Corp's Dow Jones unit achieved its highest quarterly and yearly profitability since being acquired by the company.
News Corp serves as the parent company for Dow Jones & Co., which publishes renowned media outlets like The Wall Street Journal and Dow Jones Newswires.
Our Latest News
Bonds: A Viable Option
Find out why bonds are now considered a viable option for investors, despite years of high risk and low yield.
British American Tobacco Reports Pretax Loss for 2023
BAT records significant £17.06 billion pretax loss for 2023, driven by write-down of traditional cigarette brands. Revenue from new categories increased.
Oil Futures Show Signs of Recovery
Oil and refined product futures are starting to accelerate in gains, with a shift in shipping routes potentially impacting supply tightness. Brent prices are ri...