While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock aliv ...

It has been about a month since the last earnings report for News Corp. (NWSA) . Shares have added about 11.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is News Corp. due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. News Corporation Q3 Earnings Beat, Revenues Fall ...

Key TakeawaysOpenAI and News Corp announced a multi-year agreement Wednesday, giving the maker of ChatGPT access to content from brands like The Wall Street Journal and Barron's.Microsoft-backed OpenAI has signed deals with other publishers as well to license their content for training purposes, while also including content from the outlets in ChatGPT's responses.The moves come as Microsoft, OpenAI, and Google have faced scrutiny over whether they used copyrighted content without consent to train AI models. ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported Q3 fiscal 2024 revenues of $2.42 billion and nine-month operating cash flow of $844 million [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) | Financial Metric | Q3 2024 (ended Mar 31) | Q3 2023 (ended Mar 31) | YoY Change | Nine Months 2024 | Nine Months 2023 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,423 M | $2,447 M | -1% | $7,508 M | $7,446 M | +1% | | **Net Income** | $42 M | $59 M | -29% | $283 M | $219 M | +29% | | **Net Income to Stockholders** | $30 M | $50 M | -40% | $216 M | $157 M | +38% | | **Diluted EPS** | $0.05 | $0.09 | -44% | $0.38 | $0.27 | +41% | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) | Balance Sheet Item | March 31, 2024 (unaudited) | June 30, 2023 (audited) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,943 M | $1,833 M | | **Total current assets** | $4,128 M | $4,053 M | | **Total assets** | $16,544 M | $16,921 M | | **Total current liabilities** | $3,042 M | $3,165 M | | **Total borrowings** | $2,900 M | $2,967 M | | **Total equity** | $8,908 M | $8,945 M | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Item (Nine Months Ended Mar 31) | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $844 M | $670 M | | **Net cash used in investing activities** | ($404 M) | ($440 M) | | **Net cash used in financing activities** | ($317 M) | ($382 M) | | **Net change in cash and cash equivalents** | $123 M | ($152 M) | [Notes to the Unaudited Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) - For the nine months ended March 31, 2024, the company recorded **restructuring charges of $62 million** related to employee termination benefits[39](index=39&type=chunk) - During the nine months ended March 31, 2024, both the Foxtel Group and REA Group completed **significant debt refinancing activities**[52](index=52&type=chunk)[55](index=55&type=chunk) - As of March 31, 2024, the company had approximately **$495 million remaining under its $1 billion stock repurchase program**[62](index=62&type=chunk)[63](index=63&type=chunk) - The company has accrued approximately **$70 million for liabilities related to the U.K. Newspaper Matters**, which are largely indemnified by FOX Corporation[91](index=91&type=chunk)[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 1% Q3 revenue decline, flat Segment EBITDA, and strong operating cash flow of $844 million [Overview of the Company's Businesses](index=30&type=section&id=Overview%20of%20the%20Company's%20Businesses) - The company's **5% headcount reduction initiative** is expected to generate at least **$160 million in annualized gross cost savings**[126](index=126&type=chunk) - News UK and DMG Media received regulatory approval for a proposed joint venture to combine certain printing operations[127](index=127&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) | Performance Metric | Q3 2024 | Q3 2023 | YoY Change | Nine Months 2024 | Nine Months 2023 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,423 M | $2,447 M | -1% | $7,508 M | $7,446 M | +1% | | **Total Segment EBITDA** | $322 M | $320 M | +1% | $1,159 M | $1,079 M | +7% | - The Q3 revenue decrease was driven by lower advertising and currency headwinds, partially offset by growth at Digital Real Estate Services and Dow Jones[130](index=130&type=chunk) - Equity losses of affiliates decreased by **$38 million for the nine-month period** due to the absence of prior-year losses from an investment[143](index=143&type=chunk) [Segment Analysis](index=35&type=section&id=Segment%20Analysis) | Segment | Q3 2024 Revenue | YoY Change | Q3 2024 Segment EBITDA | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Digital Real Estate Services** | $388 M | +7% | $104 M | +2% | | **Subscription Video Services** | $455 M | -5% | $66 M | -3% | | **Dow Jones** | $544 M | +3% | $118 M | +8% | | **Book Publishing** | $506 M | -2% | $62 M | +2% | | **News Media** | $530 M | -6% | $26 M | -24% | - **Digital Real Estate:** Growth was driven by a **15% revenue increase at REA Group**, which offset a 6% decline at Move[158](index=158&type=chunk) - **Dow Jones:** Growth was led by a **10% increase in professional information business revenues**, with total subscriptions for The Wall Street Journal growing 8%[177](index=177&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk) - **News Media:** Performance was negatively impacted by a **13% decline in advertising revenues**, attributed to lower print and digital advertising[194](index=194&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's principal source of liquidity is internally generated funds and cash on hand, which stood at **$1.9 billion** as of March 31, 2024[202](index=202&type=chunk) | Cash Flow Metric (Nine Months Ended Mar 31) | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $844 M | $670 M | | **Free cash flow** | $491 M | $320 M | | **Free cash flow available to News Corporation** | $378 M | $258 M | - During the nine-month period, the Foxtel Group refinanced its debt with a new **A$1.2 billion syndicated credit facility**[221](index=221&type=chunk)[226](index=226&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk sensitivity assessment remains unchanged from the last annual report - There has been **no material change** in the Company's assessment of its sensitivity to market risk since its last annual report[236](index=236&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that as of the end of the quarter, the company's **disclosure controls and procedures were effective**[237](index=237&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[238](index=238&type=chunk) [Part II. Other Information](index=51&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section details ongoing legal matters, including antitrust complaints and U.K. Newspaper claims - For details on legal proceedings, the report refers to Note 9 in the financial statements, which covers matters such as the HarperCollins antitrust complaints and the U.K. Newspaper Matters[241](index=241&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the last annual report - There have been **no material changes** to the risk factors described in the 2023 Form 10-K[242](index=242&type=chunk) [Issuer Purchases of Equity Securities](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased $27 million of its shares in Q3, with $495 million remaining under its program | Period (2024) | Class A Shares Purchased (M) | Class B Shares Purchased (M) | Total Shares Purchased (M) | Approx. Value (M) | | :--- | :--- | :--- | :--- | :--- | | Jan 1 - Jan 28 | 0.1 | 0.1 | 0.2 | $4.9 | | Jan 29 - Mar 3 | 0.3 | 0.1 | 0.4 | $10.4 | | Mar 4 - Mar 31 | 0.3 | 0.1 | 0.4 | $10.5 | | **Total Q3** | **0.7** | **0.3** | **1.0** | **$25.8** | - As of March 31, 2024, the remaining authorized amount under the company's stock repurchase program was approximately **$495 million**[205](index=205&type=chunk)[244](index=244&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company amended the employment agreement for its General Counsel, extending the term to 2028 - The company entered into an **amended employment agreement with General Counsel David B. Pitofsky**, effective July 1, 2024, extending his term to June 30, 2028[248](index=248&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including executive agreements, certifications, and XBRL data - Exhibits filed with the report include the amended employment agreement for David Pitofsky, CEO/CFO certifications, and financial statements in Inline XBRL format[255](index=255&type=chunk)

Financial Data and Key Metrics Changes - Total revenues for Q3 2024 were over $2.4 billion, down 1% compared to the prior year, while adjusted revenues were flat [25] - Total segment EBITDA was $322 million, up 1% compared to the prior year, marking the second most profitable Q3 since the company's separation in 2013 [25] - Earnings per share were reported at $0.05 compared to $0.09 in the prior year, while adjusted earnings per share were $0.11 compared to $0.09 in the prior year [25] Business Line Data and Key Metrics Changes - Digital Real Estate Services segment revenues were $388 million, up 7% year-over-year, with segment EBITDA at $104 million, up 2% [26] - Dow Jones reported revenues of $544 million, up 3% year-over-year, with digital revenue accounting for 81% of total revenues [31] - Subscription Video Services revenues were $455 million, down 5% compared to the prior year, with total paid streaming subscribers nearly 3.1 million, increasing 3% year-over-year [30] Market Data and Key Metrics Changes - In the U.S. housing market, revenue declines moderated at Move, with lead volume turning positive for the first time in two years [15] - In Australia, REA's revenues surged 15% year-over-year, driven by a 6% increase in listings [14] - Digital subscriptions at Dow Jones increased 17% year-over-year, with 322,000 added in Q3 [12] Company Strategy and Development Direction - The company is focused on transforming its revenue mix towards recurring and digital revenues while navigating inflationary pressures [25] - A partnership with Google was extended to promote quality journalism in the age of generative AI [9] - The company is reviewing its structure to provide maximum flexibility and has made underlying changes to enhance operational efficiency [10] Management's Comments on Operating Environment and Future Outlook - Management noted that profitability rose slightly in Q3 despite macroeconomic challenges, including a strong dollar and high mortgage rates affecting the U.S. housing market [7] - The company anticipates continued strong results for the full year, with digital revenue expected to account for over half of total revenues [9] - Management expressed confidence in the long-term potential of realtor.com and the digital real estate market despite current challenges [16] Other Important Information - Free cash flow for the first three quarters was $491 million, a 53% increase from $320 million in the same period last year [9] - The company highlighted the importance of quality journalism amidst the rise of AI-generated content [23] - A landmark rental agreement between realtor.com and Zillow was noted, enhancing the rental experience for consumers [17] Q&A Session Summary Question: Move investment details - Management confirmed ongoing investments in marketing and product development, focusing on enhancing user experience and value for realtors [43][44][45] Question: Demand trends in Book Publishing - Management noted a slight pause in purchasing but observed a return to strong performance in April, with audio book streaming revenue rising [47][48][49] Question: Google transaction details - Management clarified that the renewal deal with Google does not involve payments for AI content usage, and financial details remain undisclosed [51][52][53] Question: Company transformation timeline - Management indicated that planning is well advanced but did not provide a specific timeline for completion [54][55] Question: BINGE subscriber decline - Management attributed the decline to content flow issues related to the writers' strike, impacting subscriber numbers [57][58] Question: Cost reduction strategies - Management confirmed ongoing cost efficiency initiatives across the business, with a focus on balancing reinvestment in key areas [60][61][63] Question: Company structure changes - Management stated that regulatory changes related to the company's structure are ongoing but did not provide further details [66][67]

For the quarter ended March 2024, News Corp. (NWSA) reported revenue of $2.42 billion, down 1% over the same period last year. EPS came in at $0.11, compared to $0.09 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.48 billion, representing a surprise of -2.30%. The company delivered an EPS surprise of +10.00%, with the consensus EPS estimate being $0.10.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...

分组1 - News Corp. reported quarterly earnings of $0.11 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, and up from $0.09 per share a year ago, representing a 10% earnings surprise [1] - The company posted revenues of $2.42 billion for the quarter ended March 2024, which was 2.30% below the Zacks Consensus Estimate and down from $2.45 billion year-over-year [1] - Over the last four quarters, News Corp. has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [1] 分组2 - The stock has underperformed the market, losing about 0.5% since the beginning of the year compared to the S&P 500's gain of 8.8% [2] - The current consensus EPS estimate for the upcoming quarter is $0.18 on revenues of $2.55 billion, and for the current fiscal year, it is $0.71 on revenues of $10.11 billion [4] - The Zacks Industry Rank for Film and Television Production and Distribution is in the bottom 24% of over 250 Zacks industries, indicating potential underperformance [5] 分组3 - Warner Music Group Corp. is expected to report quarterly earnings of $0.11 per share, reflecting an 83.3% year-over-year change, with revenues anticipated to be $1.49 billion, up 6.2% from the previous year [6]

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Third Quarter Fiscal 2024 Results](index=1&type=section&id=Third%20Quarter%20Fiscal%202024%20Results) News Corp's Q3 FY2024 revenues slightly decreased by 1% to $2.42 billion, with net income down 29% to $42 million, while Total Segment EBITDA increased 1% and Adjusted EPS rose to $0.11 Q3 FY2024 Key Financial Highlights | Metric | Q3 FY2024 | Q3 FY2023 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $2.42 billion | $2.45 billion | (1)% | | Net Income | $42 million | $59 million | (29)% | | Total Segment EBITDA | $322 million | $320 million | 1% | | Reported EPS | $0.05 | $0.09 | (44)% | | Adjusted EPS | $0.11 | $0.09 | 22% | - Revenue decline was driven by lower advertising at News Media, lower physical book sales, challenging U.S. housing market conditions, and a **$21 million negative foreign currency impact**, partly offset by higher Australian residential revenues at **REA Group** and strong growth in **Dow Jones' professional information business**[5](index=5&type=chunk) - The company is focused on its **strategic transformation**, promoting its journalism in the age of **Generative AI**, and has extended its **Google partnership**; an intense review of the company's structure is underway for maximum flexibility[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) [Segment Review](index=2&type=section&id=Segment%20Review) [Segment Performance Summary](index=2&type=section&id=Segment%20Performance%20Summary) Q3 revenue growth was led by Digital Real Estate Services (+7%) and Dow Jones (+3%), while other segments declined, with Dow Jones showing the highest EBITDA growth at 8% and News Media declining 24% Segment Revenues and EBITDA (Q3 FY2024 vs Q3 FY2023) | Segment | Q3 2024 Revenues (M) | Q3 2023 Revenues (M) | % Change | Q3 2024 Segment EBITDA (M) | Q3 2023 Segment EBITDA (M) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Digital Real Estate Services | $388 | $363 | 7% | $104 | $102 | 2% | | Subscription Video Services | $455 | $477 | (5)% | $66 | $68 | (3)% | | Dow Jones | $544 | $529 | 3% | $118 | $109 | 8% | | Book Publishing | $506 | $515 | (2)% | $62 | $61 | 2% | | News Media | $530 | $563 | (6)% | $26 | $34 | (24)% | [Digital Real Estate Services](index=2&type=section&id=Digital%20Real%20Estate%20Services) Digital Real Estate Services revenue grew **7% to $388 million**, driven by **REA Group's 15% surge** in Australia, partially offset by **Move's 6% decline** in the challenging U.S. market, with Segment EBITDA up **2% to $104 million** - **REA Group's revenues increased 15% to $256 million**, benefiting from price increases, increased depth penetration, and a **6% rise** in national residential buy listing volumes[14](index=14&type=chunk) - **Move's revenues decreased 6% to $132 million** due to lower real estate transaction volumes in the U.S., though lead volume saw a **4% year-over-year increase**, its first in over two years[15](index=15&type=chunk) [Subscription Video Services](index=3&type=section&id=Subscription%20Video%20Services) Subscription Video Services revenue fell **5% to $455 million** due to foreign currency impact, with total paid subscribers decreasing **1% to over 4.5 million**, and Segment EBITDA down **3% to $66 million** - Foxtel Group streaming subscription revenues accounted for approximately **29% of total circulation and subscription revenues**, **up from 26%** in the prior year[16](index=16&type=chunk) Foxtel Closing Subscribers (as of March 31) | Subscriber Type | 2024 (in 000s) | 2023 (in 000s) | | :--- | :--- | :--- | | **Total Paid Subscribers** | **4,537** | **4,585** | | Kayo (Paid) | 1,442 | 1,309 | | BINGE (Paid) | 1,453 | 1,484 | | Residential Broadcast | 1,239 | 1,369 | - Broadcast ARPU for the quarter **increased 2% year-over-year to A$85 (US$56)**[17](index=17&type=chunk) [Dow Jones](index=4&type=section&id=Dow%20Jones) Dow Jones revenues increased **3% to $544 million**, driven by **10% growth** in professional information, with digital revenues at **81%** and Segment EBITDA growing **8% to $118 million** - The professional information business saw strong growth, with **Risk & Compliance revenues up 15% to $76 million** and **Dow Jones Energy revenues up 15% to $63 million**[21](index=21&type=chunk) Dow Jones Average Consumer Subscriptions (Q3) | Product | 2024 (in 000s) | 2023 (in 000s) | % Change | | :--- | :--- | :--- | :--- | | **Total Digital-only** | **5,068** | **4,347** | **17%** | | The Wall Street Journal (Digital-only) | 3,715 | 3,299 | 13% | | The Wall Street Journal (Total) | 4,217 | 3,888 | 8% | - **Digital advertising revenues grew 4%**, while **print advertising revenues declined 11%**; digital advertising now accounts for **63% of total advertising revenues**[23](index=23&type=chunk) [Book Publishing](index=4&type=section&id=Book%20Publishing) HarperCollins' revenues decreased **2% to $506 million** due to lower physical book sales, offset by a **5% rise in digital sales**, with Segment EBITDA increasing **2% to $62 million** - **Digital sales increased 5%** compared to the prior year, driven by strong market growth for downloadable audiobooks, which benefited from a new **Spotify partnership**; digital sales represented **25% of Consumer revenues**[26](index=26&type=chunk) - Backlist sales remained strong, representing approximately **63% of consumer revenues** in the quarter, **up from 60%** in the prior year[26](index=26&type=chunk) - Key titles in the quarter included *Blood Money* by Peter Schweizer, *Mostly What God Does* by Savannah Guthrie and *Fangirl Down* by Tessa Bailey[25](index=25&type=chunk) [News Media](index=5&type=section&id=News%20Media) News Media revenues declined **6% to $530 million** due to a **13% drop in advertising revenues** and reduced digital traffic, resulting in Segment EBITDA falling **24% to $26 million** - **Advertising revenues decreased $28 million, or 13%**, due to lower print advertising at News Corp Australia and lower digital advertising from a decline in traffic at some mastheads[30](index=30&type=chunk) - Digital revenues represented **38% of segment revenues**, an **increase from 36%** in the prior year[32](index=32&type=chunk) - Closing digital subscribers at **News Corp Australia grew to 1,113,000 from 1,043,000** in the prior year; The Times and Sunday Times closing digital subscribers **grew to 582,000 from 554,000**[32](index=32&type=chunk) [Cash Flow](index=6&type=section&id=Cash%20Flow) [Cash Flow Summary](index=6&type=section&id=Cash%20Flow%20Summary) Net cash from operating activities for the nine months ended March 31, 2024, increased to **$844 million**, driven by lower working capital and higher EBITDA, resulting in free cash flow of **$378 million** Free Cash Flow Reconciliation (Nine months ended March 31) | Metric | 2024 (in millions) | 2023 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $844 | $670 | | Less: Capital expenditures | ($353) | ($350) | | **Free cash flow** | **$491** | **$320** | | **Free cash flow available to News Corporation** | **$378** | **$258** | - The increase in net cash from operating activities was primarily due to **lower working capital** and **higher Total Segment EBITDA**, partially offset by higher restructuring payments[33](index=33&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 FY2024 total revenues were **$2.42 billion**, a slight decrease from the prior year, with net income at **$42 million** and diluted EPS of **$0.05** Q3 FY2024 Statement of Operations Highlights (in millions) | Line Item | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Total Revenues | $2,423 | $2,447 | | Income before income tax expense | $64 | $91 | | Net income | $42 | $59 | | Net income attributable to News Corporation stockholders | $30 | $50 | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, News Corp reported total assets of **$16.54 billion**, total liabilities of **$7.64 billion**, cash of **$1.94 billion**, and total equity of **$8.91 billion** Balance Sheet Summary (in millions) | Metric | As of March 31, 2024 | As of June 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,943 | $1,833 | | Total current assets | $4,128 | $4,053 | | Total assets | $16,544 | $16,921 | | Total current liabilities | $3,042 | $3,165 | | Total liabilities | $7,636 | $7,976 | | Total equity | $8,908 | $8,945 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended March 31, 2024, operating activities generated **$844 million** in cash, leading to a net increase of **$123 million** in cash and equivalents, totaling **$1.94 billion** Cash Flow Summary (Nine months ended March 31, in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $844 | $670 | | Net cash used in investing activities | ($404) | ($440) | | Net cash used in financing activities | ($317) | ($382) | | **Net change in cash and cash equivalents** | **$123** | **($152)** | [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) [Note 1 – Total Segment EBITDA](index=12&type=section&id=Note%201%20%E2%80%93%20Total%20Segment%20EBITDA) This note reconciles Q3 FY2024 Net Income of **$42 million** to Total Segment EBITDA of **$322 million**, representing a **1% increase** from the prior year after various adjustments Reconciliation of Net Income to Total Segment EBITDA (Q3, in millions) | Line Item | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net income | $42 | $59 | | Add: Income tax expense | $22 | $32 | | Add: Other, net | $10 | ($14) | | Add: Interest expense, net | $19 | $25 | | Add: Equity losses of affiliates | $2 | $10 | | Add: Impairment and restructuring charges | $35 | $25 | | Add: Depreciation and amortization | $192 | $183 | | **Total Segment EBITDA** | **$322** | **$320** | [Note 2 – Adjusted Revenues and Adjusted Segment EBITDA](index=14&type=section&id=Note%202%20%E2%80%93%20Adjusted%20Revenues%20and%20Adjusted%20Segment%20EBITDA) This note adjusts Q3 FY2024 reported revenues of **$2.423 billion** to **$2.440 billion** (flat year-over-year) and Adjusted Total Segment EBITDA increased **1% to $331 million**, accounting for various impacts Reconciliation to Adjusted Revenues and EBITDA (Q3, in millions) | Metric | As Reported | Adjustments | As Adjusted | | :--- | :--- | :--- | :--- | | **Revenues** | $2,423 | $17 | $2,440 | | **Total Segment EBITDA** | $322 | $9 | $331 | [Note 3 – Adjusted Net Income and Adjusted EPS](index=19&type=section&id=Note%203%20%E2%80%93%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) This note reconciles Q3 FY2024 reported net income of **$30 million** (EPS **$0.05**) to an adjusted net income of **$65 million**, yielding an Adjusted EPS of **$0.11**, up from **$0.09** Reconciliation of Net Income and EPS to Adjusted Figures (Q3) | Metric | Reported | Adjustments | Adjusted | | :--- | :--- | :--- | :--- | | Net Income Attributable to Stockholders (M) | $30 | $35 | $65 | | EPS | $0.05 | $0.06 | $0.11 | [Note 4 – Constant Currency Revenues](index=21&type=section&id=Note%204%20%E2%80%93%20Constant%20Currency%20Revenues) This note highlights a **$21 million negative foreign exchange impact** on Q3 FY2024 revenues, showing total revenues were **$2.444 billion** on a constant currency basis, a flat year-over-year performance Reconciliation of Reported to Constant Currency Revenues (Q3, in millions) | Metric | Q3 2023 Reported | Q3 2024 Reported | FX Impact | Q3 2024 Constant Currency | % Change (Reported) | % Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $2,447 | $2,423 | ($21) | $2,444 | (1)% | 0% |

MANHATTAN, NEW YORK, UNITED STATES - 2024/04/09: Marquee at the main entrance to the FOX News ... [+] Headquarters at NewsCorp Building in Manhattan. (Photo by Erik McGregor/LightRocket via Getty Images)LightRocket via Getty Images[Note: News Corp Fiscal Year Ends in June]News Corp stock (NASDAQ NASDAQ : NWSA), a global, diversified media and information services company, is scheduled to report its third-quarter results on Wednesday, May 8. We expect NWSA’s stock to see little to no movement with revenues a ...

Core Viewpoint - News Corporation reported strong second-quarter fiscal 2024 earnings, with significant year-over-year growth in earnings per share and revenues, driven by robust performance in Digital Real Estate Services and other segments [2][3]. Financial Performance - Earnings per share for Q2 fiscal 2024 were 26 cents, exceeding the Zacks Consensus Estimate by 30% and increasing 85.7% year over year [2]. - Revenues reached $2.59 billion, a 3% increase year over year, surpassing the consensus mark by 0.29% [2]. - Total EBITDA rose 16% to $473 million, aided by revenue growth and cost savings from a 5% headcount reduction initiative [3]. Segment Performance - **Digital Real Estate Services**: Revenues increased 9% to $419 million, driven by strong performance at REA Group, although Move experienced a 13% decline in revenues [4][5]. - **Subscription Video Services**: Revenues were $470 million, up 2% year over year, primarily due to higher revenues from Kayo and BINGE [6]. - **Dow Jones**: Revenues grew 4% to $584 million, with digital revenues accounting for 78% of total revenues [7][8]. - **Book Publishing**: Revenues increased 4% to $550 million, driven by digital book sales [9]. - **News Media**: Revenues dipped 3% to $563 million, primarily due to lower advertising revenues [10][11]. Key Metrics - Digital sales in Book Publishing rose 15% year over year, representing 21% of Consumer revenues [9]. - Average monthly unique users for Realtor.com remained flat at 66 million, with a 7% decline in lead volume [4]. - Total average subscriptions to Dow Jones' consumer products exceeded 5.4 million, a 10% increase year over year [8]. Financial Position - As of the end of the quarter, News Corporation had cash and cash equivalents of $1.724 billion and borrowings of $2.984 billion [13].