News Corp. Posts Q3 Loss - Update

(RTTNews) - News Corp. (NWS, NWSA) on Thursday posted a loss for the third quarter, hurt largely by lower advertising revenue at news and information segment and a stronger dollar, partly offset by growth in the digital real estate business.

The New York-based media company reported a third-quarter loss of $149 million or $0.26 per share, compared to a profit of $23 million or $0.04 per share last year. Adjusted earnings from continuing operations were $0.04 per share.

Revenues for the quarter rose 7 percent to $1.89 billion from $2.04 billion last year.

Wall Street analysts expected earnings of $0.03 per share and revenues of $1.93 billion for the quarter.

The decline in total reported revenues includes a negative impact from foreign currency fluctuations of $72 million, the company said.

Revenue at key news and information services segment slid 9 percent from a year ago to $1.23 billion. Among smaller segments, book publishing declined 11 percent; digital real estate rose 14 percent, while cable network programming fell 8 percent.

News Corp separated itself in 2013 after Rupert Murdoch spun off its more profitable entertainment and TV assets into Twenty-First Century Fox (FOX, FOXA).

NWSA closed Thursday's trading at $12.17, up $0.02 or 0.16%, on the Nasdaq.