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MarketScreener Homepage  >  Equities  >  Nasdaq  >  News Corporation    NWSA

NEWS CORPORATION

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News Corp revenue falls as pandemic hammers ad sales

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08/06/2020 | 07:51pm EDT
FILE PHOTO - The Fox News electronic ticker is seen outside the News Corporation building in New York City

News Corp reported a 22% fall in quarterly revenue on Thursday, as widespread business closures due to the coronavirus crisis hit ad sales at its newspapers and websites.

Shares of the company, which separated Dow Jones into a new unit, fell 3.6% after the bell.

"The creation of the Dow Jones segment allows us to make a direct comparison with the New York Times," Chief Executive Robert Thomson said on a post-earnings call.

Digital-only subscriptions to The Wall Street Journal, a part of the Dow Jones unit, grew 23% to more than 2.2 million average subscriptions in the quarter, and represented 75% of total subscriptions.

The New York Times Co said last week its digital unit overtook the legacy print business for the first time.

Ad revenues in News Corp's largest unit, News Media, which now excludes Dow Jones, declined $290 million.

Big businesses, particularly in the travel and dining industry, have cut back on their ad budgets to save cash to ride out the pandemic, hitting several advertising-based businesses across sectors.

Total revenue dropped to $1.92 billion in the fourth quarter ended June 30, but beat analysts' average estimate of $1.85 billion, according to IBES data from Refinitiv.

News Corp has also considered strategic alternatives for its Dublin-based Storyful unit, The Wall Street Journal reported https://www.wsj.com/articles/news-corp-has-considered-alternatives-for-storyful-unit-including-possible-sale-11596746480?mod=searchresults&page=1&pos=4, citing a person familiar with the matter.

Last week, James Murdoch resigned from News Corp's board, citing disagreements over editorial content at the company founded by his father, conservative media mogul Rupert Murdoch.

The company said net loss attributable to stockholders was $397 million, or 67 cents per share, due to $292 million of non-cash impairment charges related to fixed assets in the UK and Australia and higher restructuring costs due to the pandemic.

By Nilanjana Basu

Stocks mentioned in the article
ChangeLast1st jan.
FOX CORPORATION -3.21% 25.91 Delayed Quote.-27.79%
NEWS CORPORATION -3.39% 14.24 Delayed Quote.4.24%
THE NEW YORK TIMES COMPANY -2.65% 41.56 Delayed Quote.32.70%
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Financials (USD)
Sales 2021 8 266 M - -
Net income 2021 130 M - -
Net cash 2021 641 M - -
P/E ratio 2021 74,6x
Yield 2021 1,36%
Capitalization 8 694 M 8 694 M -
EV / Sales 2021 0,97x
EV / Sales 2022 0,88x
Nbr of Employees 23 500
Free-Float 84,4%
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Technical analysis trends NEWS CORPORATION
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 14,77 $
Last Close Price 14,74 $
Spread / Highest target 35,7%
Spread / Average Target 0,23%
Spread / Lowest Target -32,2%
EPS Revisions
Managers
NameTitle
Robert James Thomson Chief Executive Officer & Director
Lachlan Keith Murdoch Co-Chairman
Keith Rupert Murdoch Executive Co-Chairman
Susan Lee Panuccio Chief Financial Officer
David Kline Chief Technology Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
NEWS CORPORATION4.24%8 587
THE NEW YORK TIMES COMPANY31.27%7 042
D. B. CORP LIMITED-42.23%183
REWORLD MEDIA-5.09%161
ILKKA-YHTYMÄ OYJ-5.73%101
STAR MEDIA GROUP-30.93%59