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].

Core Points - News Corporation reported second-quarter fiscal 2024 earnings of 26 cents per share, exceeding the Zacks Consensus Estimate by 30% and showing an 85.7% increase year over year [1] - Revenues reached $2.59 billion, a 3% year-over-year increase, driven by strong performance in Digital Real Estate Services and growth in Dow Jones and Book Publishing segments [1][2] Quarterly Details - Adjusted revenues, excluding foreign currency impacts, acquisitions, and divestitures, increased by 2% compared to the previous year [2] - Total EBITDA rose 16% to $473 million, attributed to higher revenues and cost savings from a 5% headcount reduction initiative [2] Segment Details Digital Real Estate Services - Revenues increased 9% to $419 million, primarily due to strong performance at REA Group, despite a 13% decline in Move revenues [3][4] - Move's real estate revenues, which constitute 82% of total Move revenues, fell 14% year over year due to macroeconomic factors affecting the housing market [3] Subscription Video Services - Revenues in this segment were $470 million, up 2% year over year, driven by Kayo and BINGE, despite a decline in residential broadcast subscribers [5][6] - Foxtel Group's streaming subscription revenues accounted for approximately 29% of total circulation and subscription revenues, up from 26% in the prior year [5] Dow Jones - Revenues increased 4% year over year to $584 million, supported by growth in circulation and subscription revenues [7] - Digital revenues represented 78% of total revenues, with professional information business revenues growing 13% [7][8] Book Publishing - Revenues rose 4% year over year to $550 million, driven by digital book sales and improved inventory returns [9] - Digital sales increased 15% year over year, representing 21% of Consumer revenues [9] News Media - Revenues dipped 3% to $563 million, mainly due to lower advertising revenues, although circulation and subscription revenues increased by 5% [10][11] - Digital revenues accounted for 38% of News Media segment revenues, up from 37% in the prior year [11] Other Financial Aspects - News Corporation ended the quarter with cash and cash equivalents of $1.724 billion, borrowings of $2.984 billion, and stockholder equity of $8.182 billion [12]

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Class A Common Stock, par value $0.01 per share NWSA The Nasdaq Global Select Market Class B Common Stock, par value $0.01 per share NWS The Nasdaq Global Select Market Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-Q ...

News Corporation (NASDAQ:NWSA) Q2 2024 Earnings Conference Call February 7, 2024 5:00 PM ET Company Participants Michael Florin - Senior Vice President and Head, Investor Relations Robert Thomson - Chief Executive Susan Panuccio - Chief Financial Officer Conference Call Participants David Karnovsky - JPMorgan Entcho Raykovski - Evans & Partners Kane Hannan - Goldman Sachs Craig Huber - Huber Research Lucy Huang - UBS Brian Han - Morningstar Darren Leung - Macquarie Operator Welcome to News Corp’s Second Qua ...

For the quarter ended December 2023, News Corp. (NWSA) reported revenue of $2.59 billion, up 2.6% over the same period last year. EPS came in at $0.26, compared to $0.14 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.58 billion, representing a surprise of +0.29%. The company delivered an EPS surprise of +30.00%, with the consensus EPS estimate being $0.20.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...