Revenue and Profitability Increase
News Corp's revenue rose 2% to $2.14 billion, and total segment EBITDA increased by 5% to $340 million. Net income from continuing operations was $150 million, up from $149 million last year, and adjusted EPS rose from $0.20 to $0.22 in the quarter.
Strong Performance in Dow Jones
Dow Jones EBITDA rose 10% compared to a year earlier, with a solid 6% increase in revenue. Risk & Compliance revenues surged 16%, and digital accounted for 68% of advertising revenues, a new record.
Growth in Digital Real Estate Services
Digital Real Estate Services saw a 9% revenue boost year-on-year, with a margin increase from 30.6% to 33%. REA Group revenue rose 3% or 5% in constant currency, and yield grew by double digits.
Expanded Share Buyback Program
News Corp accelerated its share buyback program, repurchasing at a rate of $2.5 million per day, over 4x the previous pace, reflecting confidence in growth potential and belief in stock undervaluation.
Positive Trends in Book Publishing
Despite a challenging quarter, recent releases like R. F. Kuang's Katabasis became a bestseller, and Bible sales revenue rose more than 65% in September compared to the prior year.
News Media EBITDA Growth
News Media revenues rose 1%, while EBITDA grew 67%, driven by a 19% year-over-year increase in advertising revenue at the New York Post, with 90% of that advertising being digital.