The following is a summary of the News Corporation (NWSA) Q3 2024 Earnings Call Transcript:
Financial Performance:
News Corp reported Q3 total revenues of over $2.4 billion, a slight decrease of 1% year-over-year.
Increased profitability with free cash flow up by 53% to $491 million from the same period last year.
Digital revenue now accounts for over half of the total revenues.Subscription Video Services revenues were $455 million, down by 5%.
Earnings per share stood at $0.05 compared to $0.09 in the previous year.
Digital subscriptions at Dow Jones and digital real estate services showed year-over-year growth of 17% and 15% respectively.
Business Progress:
Extended partnership with Google and launched its first Gen AI-powered product.
Reached an audience of over 5 million for Dow Jones brands for the first time.
Showed progress in the digital real estate sphere, with improvements in product and user experience.
Sold their growth strategy on product offerings and cost efficiencies to navigate inflationary pressures.
Plan expansion of their information services businesses.
Announced plans to digitally expand The Times of London into the US market in Q4.
More details: News Corp-A IR
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