News Corp (NASDAQ:NWS) delivered mixed results after the bell Thursday, doing enough in the process to push its stock in the right direction.
The Fox News, New York Post and The Wall Street Journal owner posted fiscal fourth-quarter revenue of $2.43 billion, down 9% year-over-year from $2.67 billion and below the analyst consensus of $2.49 billion.
Adjusted earnings were $0.14 per share, down from $0.37 a year earlier but above Street projections of $0.09.
Revenue declined across News Corp (NASDAQ:NWS)’s business segments but most acutely in digital real estate services (down 17%) and book publishing (down 13%).
“For the first time, digital accounted for over 50% of News Corp's revenues for the full year, marking a profound transformation during the past decade,” CEO Robert Thomson said in a statement.
“That momentum is surely gathering pace in the age of generative AI, which we believe presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business.”
Thomson added that News Corp is part of ongoing negotiations to establish a value for its content and IP “that will play a crucial role in the future of AI.”
Shares of News Corp rose 0.4% to $20.39 in extended trading.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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