News Corp quarterly profit more than doubles, revenue climbs to beat Wall Street expectations

Core Insights - News Corp reported better-than-expected quarterly earnings, driven by growth in digital real estate, Dow Jones, and book publishing divisions [1][3] - The company achieved a net income of $107 million, or 14 cents per share, compared to $64 million, or 7 cents, in the previous year [1][3] - Adjusted earnings per share totaled 17 cents, exceeding Wall Street's expectations of 13 cents [3] Financial Performance - Third-quarter revenue increased by 1% to $2.01 billion from $1.99 billion a year earlier [3] - The Dow Jones unit saw a revenue increase of 5.7% to $575 million, attributed to improved circulation revenues [4] - The real estate division's revenue rose by 4.6% to $406 million [4] - The book publishing unit, including HarperCollins, experienced a 2% revenue increase due to higher sales of key titles [5] Strategic Initiatives - CEO Robert Thomson highlighted the company's "sustained strength" and "strategic transformation" as key factors for the 67% profit increase in the quarter [3][4] - The company has focused on digital growth, asset realignment, cost discipline, and the value of intellectual property [4] - News Corp completed the sale of its Australian cable TV business, Foxtel Group, to DAZN for $2.1 billion, which is expected to strengthen the balance sheet and enhance returns for shareholders [7][8]