Advanced Search

Share Coverage



Category: Business, Economics and Finance / Company News / Community and Society

News Corp's revenue falls for fourth quarter in a row

Friday, 5 Feb 2016 07:41:26 | Thuy Ong

The company's total revenue also lost $195.9 million ($US141) million from currency fluctuations. (News Online Brisbane)

News Corp's revenue fell for the fourth quarter in a row, with the company flagging cost reductions to streamline operations in Australia and the United Kingdom.

The company has been hurt by a stronger US dollar and falling advertising revenue in its core news services business.

Revenue fell by 4.3 per cent to $3 billion ($US2.16 billion) in the December quarter, higher than analysts' expectations of $2.96 billion ($US2.13 billion), according to Thomson Reuters data.

New Corp's news and information unit, which includes the Australian and the Wall Street Journal, posted an 8.1 per cent decline in revenue to $1.9 billion ($US1.4 billion).

"Print advertising remained challenged, but we are seeing growth in digital advertising and circulation revenues," chief executive Robert Thomson said in a statement.

"We are particularly focused on cost reductions and sharing services around News Corp to streamline operations at the newspapers in Australia and the UK."

The company's segment advertising revenue fell 12 per cent for the quarter.

Legacy media, including newspaper publishers, have been grappling with a decline in advertising dollars, and publishers have focused on the digital side of their business in a bid to increase online advertising and reader subscriptions.

"We are developing advertising products for clients keen to benefit from the rise of video and mobile," Mr Thomson said.

The company's total revenue also lost $195.9 million ($US141) million from currency fluctuations.

"Macro-economic conditions in most of our markets have not been auspicious, and foreign exchange fluctuations have been particularly volatile," he said.

AustraliaPlus


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend