News Corp (ASX:NWS) surges on positive quarterly results

Media giant News Corporation (ASX:NWS) has reported revenue of $2.5 billion for the September quarter, up 18 per cent year-on-year, driven by growth across all segments.

News Corp’s earnings before interest, tax, depreciation and amortisation rose 53 per cent year-on-year to $410 million. The company notes that growth was driven by its underlying businesses, recent acquisitions and a $57 million, or 3 per cent, positive impact from foreign currency fluctuations. 

“I am pleased to report that the first quarter of Fiscal 2022 was the most profitable of its kind since the re-launch of News Corp in 2013, building on the trends evident in the last financial year,” said chief executive Robert Thomson.

While profit as a whole rose by 53 per cent, the Dow Jones media segment recorded its highest quarter revenue and profitability since its acquisition. 

“Dow Jones achieved stronger profitability than any first quarter in its 140-year history. We look forward to completing the acquisition of OPIS, which will enhance our fast-growing professional information business. Recent events have highlighted the importance of intelligence about energy and carbon markets, and we fully expect to emerge as a world leader in that area.”

In the Digital Real Estate Services segment, revenue grew 47 per cent, driven by strong yield and demand at both its 61 per cent stake in REA Group and operator of realtor.com, Move. 

“These strong results underpin our confidence, our resilience, our ability to generate cash for our investors, and our potential for continued growth.”

The company reported earnings per share of 33 cents for the quarter, compared to 6 cents year-on-year. 

Shares in News Corporation (ASX:NWS) are trading 8.8 per cent higher at $34.50.