News Corp Misses Q3 Estimates

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News Corp
NWSA
reported weaker-than-expected results for the fiscal third quarter on Tuesday. The New York-based company posted quarterly net income of $23 million, or $0.04 per share, compared to $48 million, or $0.08 per share, in the year-ago period. Excluding items, the company earned $0.05 per share. Its revenue declined 1 percent to $2.06 billion. However, analysts were projecting earnings of $0.07 per share on revenue of $2.12 billion. The average estimate among 9 Estimize users was for earnings of $0.08 per share and revenue of $2.14 billion. Earnings before interest, taxes, depreciation and amortization dropped 7 percent to $163 million in the quarter. Revenue at the company's news and information services unit dropped 9 percent to $1.35 billion in the latest quarter. Advertising revenue slipped 12 percent, while circulation revenue dropped 6 percent. Revenue in the company's book publishing unit climbed 14% to $402 million, while revenue at the digital real-estate services segment gained 67 percent to $170 million. Revenue in the company's digital education unit came in flat at $21 million, while revenue at cable network programming unit gained 3 percent to $116 million. In the nine months ended March 31, 2015, free cash flow available to News Corporation slipped by $105 million to $391 million. Chief Executive Robert Thomson said, "While the quarter faced some revenue challenges, particularly at News and Information Services, including currency headwinds, our adjusted EBITDA was relatively stable, underscoring the strength of our assets and the diversification of our revenue base. We believe the company is firmly on track and the signs are positive for year-over-year EBITDA growth in the fourth quarter." News Corp shares rose 1.10 percent to $16.20 in the after-hours trading session.
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Posted In: EarningsNewsprofit
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