Media and information services provider News Corp. (NASDAQ:NWS) shares are ticking upward today after the company posted better-than-anticipated third-quarter numbers.
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Revenue dropped 1.6% year-over-year to $2.45 billion but came in ahead of estimates by about $70 million. EPS at $0.09 landed better than expectations by $0.04.
The drop in the top line was attributable to adverse foreign currency gyrations and tepid performance in the Digital Real Estate Services segment. This impact was partially offset by performance in the Dow Jones as well as News Media and Subscription Video Services segments.
The company is witnessing improving advertising trends and expects about $160 million in annualized savings as a result of recent cost optimization initiatives (5% headcount trim).
Despite today’s price gains, shares of the company are still down nearly 1.5% so far this year.
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