News Corp Beats Q1 Views, Key Segment Revenue Falls 3%

News Corp NWS beat first-quarter earnings expectations Wednesday even as revenue at its key news and information services unit fell 3 percent.

The New York-based publisher of The Wall Street Journal and The Times of London said news and information revenue fell 3 percent to $1.45 billion, from $1.5 billion a year earlier.

Advertising revenue for the segment fell 7 percent. while circulation and subscription revenue declined 1 percent, on a drop professional information business revenue at Dow Jones, and lower print circulation.

The company's total revenue grew 4 percent, mostly on the strength of book publishing, which jumped 24 percent to $406 million, including the recent acquisition of romance publisher Harlequin Books.

The company posted $170 million in first-quarter earnings before interest, taxes, depreciation and amortization, up 21 percent from $141 million a year earlier.

Adjusted income rose to $0.09 per share, from $0.03 per year earlier. Wall Street expected adjusted profit of $0.02 per share for the recent period.

Net income grew to $65 million, or $0.11 per share, from $27 million, or $0.05 per share a year earlier. Revenue increased to $2.15 billion from $2.07 billion.

News Corp closed Wednesday at $14.86, up 0.8 percent.