Group 1 - News Corp. reported revenue of $2.11 billion for the quarter ended June 2025, a decrease of 18.2% year-over-year, with EPS at $0.19 compared to $0.17 in the same quarter last year [1] - The reported revenue slightly exceeded the Zacks Consensus Estimate of $2.1 billion, resulting in a surprise of +0.26%, while the EPS met the consensus estimate [1] - Over the past month, News Corp. shares returned +0.5%, underperforming the Zacks S&P 500 composite's +1% change, and the stock currently holds a Zacks Rank 3 (Hold) [3] Group 2 - Revenue breakdown by product includes: Dow Jones at $604 million (+6.7% YoY), Book Publishing at $494 million (-3.5% YoY), Digital Real Estate Services at $466 million (+4% YoY), and News Media at $545 million (0% change YoY) [4] - EBITDA figures show Dow Jones at $151 million, News Media at $28 million, Other at -$59 million, Book Publishing at $50 million, and Digital Real Estate Services at $152 million, with most figures exceeding analyst estimates [4]

Financial Data and Key Metrics Changes - CME Group generated revenue of $1,700,000,000, up 10% from the second quarter in 2024 [12] - Adjusted operating income reached a record $1,200,000,000, up 14% year over year [12] - Adjusted net income was $1,100,000,000, with adjusted diluted earnings per share at $2.96, both up 16% from the previous year [13] - Average daily volume exceeded 30,200,000 contracts, representing a 16% increase compared to the same period last year [7][8] - Adjusted operating margin improved to 71%, up from 69.1% in the same period last year [13] Business Line Data and Key Metrics Changes - Financial products volume grew by 17%, while commodity sector volume increased by 15% [8] - Record quarterly volume from international business averaged 9,200,000 contracts per day, up 18% from the prior year [9] - Retail trading saw over 90,000 new participants, a 56% increase year over year, contributing to a record average daily volume of 4,100,000 contracts in Micro products [10][39] Market Data and Key Metrics Changes - EMEA region recorded a 15% increase in average daily volume, while APAC saw a 30% increase [9] - The strong growth in open interest was up by 7% from the end of Q2 2024 and 10% from year-end 2024 [8] Company Strategy and Development Direction - CME Group is focusing on retail traders and expanding partnerships with new online brokers to meet increasing demand [9][39] - The company announced a ten-year extension of its exclusive license to offer futures and options on NASDAQ indexes, ensuring continued access to these products [10][11] - CME Group is exploring tokenization technology in partnership with Google, aiming to enhance market efficiencies [76][78] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of markets amid global uncertainties, including geopolitical tensions and rising debt levels [20][22] - The company anticipates continued demand for risk management products, although predicting specific volume levels remains challenging [19][22] - Management expressed optimism about the retail segment's growth and the potential for further participation across various asset classes [31][32] Other Important Information - CME Group's adjusted effective tax rate was 23.3% for the quarter [13] - Capital expenditures for the second quarter were approximately $19,000,000, with cash at the end of the quarter totaling $2,200,000,000 [13] Q&A Session Summary Question: What are the key drivers that can sustain strong hedging activities going into the second half? - Management noted the difficulty in predicting volumes but emphasized the ongoing global risks that necessitate risk management [19][20] Question: Can you discuss the recent take-up of retail traders and their trading behavior? - Management reported unprecedented growth in retail participation and expressed confidence in continued engagement across various asset classes [30][39] Question: How is the company thinking about capital deployment given the cash balances? - Management indicated a balanced approach to capital deployment, focusing on opportunistic buybacks and maintaining a variable dividend structure [52][54] Question: How have tariffs impacted the physical commodities business? - Management noted that tariffs have led to market dislocations, increasing trading activity and volumes across various client segments [60][61] Question: Can you provide an update on FX Spot Plus and its impact? - Management reported strong initial uptake with significant daily volumes and new participants, enhancing market quality [110] Question: What are the company's views on stablecoins and tokenization? - Management is optimistic about the potential efficiencies from tokenization and is actively working on partnerships to implement these technologies [76][78]

Core Points - News Corp has extended CEO Robert Thomson's contract through 2030, highlighting his significant contributions to the company's growth and profitability [1][2] - Thomson has led News Corp during its four most profitable years from fiscal 2021 to 2024, with strong performance expected to continue in fiscal 2025 [1] - The company has engaged in major transactions, including the sale of its Australian cable-TV unit Foxtel for $2.19 billion in 2024 [2] - News Corp has established landmark agreements with major technology platforms, including a recent deal with OpenAI for licensing intellectual property [5] Company Performance - Under Thomson's leadership, News Corp has achieved its four most profitable years from fiscal 2021 to 2024 [1] - The company anticipates continued strong performance in fiscal 2025 despite challenges in the media landscape [1] Leadership and Vision - Lachlan Murdoch, News Corp Chair, emphasized Thomson's instrumental role in the company's growth and transformation during a period of rapid change [2] - Thomson expressed gratitude for the opportunity to lead a company that is passionate and principled, acknowledging the challenges and opportunities in the current media environment [5][6]

Group 1: Earnings Report Overview - News Corporation (NWSA) is set to report its third-quarter fiscal 2025 results on May 8, with revenue estimates at $2.01 billion, reflecting a decline of 16.84% year-over-year [1] - The consensus estimate for earnings per share is steady at 19 cents, indicating a year-over-year growth of 72.73% [1][2] Group 2: Performance Insights - The company has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 13.65% [2] - Following a strong fiscal second-quarter performance, the upcoming quarter presents mixed indicators, suggesting a cautious approach for investors [3] Group 3: Segment Analysis - Digital Real Estate Services showed growth in Australian residential listings, while the U.S. housing market faces challenges due to high mortgage rates affecting transaction volumes [4] - The Dow Jones segment is experiencing promising subscription trends, with management expecting growth acceleration in the second half, although increased B2B investments may pressure margins [5] - News Media is navigating uncertainties in the advertising market, with management anticipating more challenging conditions in the latter half of the fiscal year [6] Group 4: Strategic Developments - The pending sale of Foxtel to DAZN could strengthen the balance sheet, but regulatory approvals may delay completion [7] - Ongoing investments in AI initiatives and related legal expenses are expected to impact profitability as the company balances opportunities and intellectual property protection [7] Group 5: Earnings ESP and Ranking - News Corporation currently has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold), indicating lower odds of an earnings beat [8]