News Corp posted record revenue in the first quarter, beating Wall Street estimates, led by growth in its digital real estate services, book publishing and Dow Jones segments, the company said Thursday.
Net income at the media giant, which owns the New York Post and The Wall Street Journal, rose 148% in the quarter to $144 million, or 21 cents a share.
Meanwhile, News Corp said revenue rose 3% to $2.58 billion in the quarter ended Sept. 30.
Wall Street analysts had expected 16 cents a share on revenue of $2.57 billion.
“We have had a strong start to fiscal 2025 with record first-quarter revenue, strong net income and record first-quarter profitability,” News Corp Chief Executive Robert Thomson said after the better-than-expected results.
“While we have achieved these record first quarter results in macro-circumstances that are far from auspicious, it is compelling evidence of News Corp’s successful transformation over the last decade.”
The company’s Dow Jones segments saw growth in content licensing and digital subscriptions.
Thomson emphasized News Corp’s “trustworthy journalism” ahead of the presidential election, As well as its partnership with OpenAI.
“Artificial intelligence recycles information inconsistencies and it is vital that journalistic input has integrity, which is why our partnership with OpenAI is so important and we look forward to suing AI companies that abuse our trusted journalism.” Why do you intend to do so?”
The executive noted that Dow Jones and the New York Post “Initiated action against the shocking confusion, which are selling products based on our journalism, and we are diligently preparing for further action against other companies who have gobbled up our archives and synthesized our intellectual property.
The companies filed a lawsuit on October 24 against Jeff Bezos-backed artificial intelligence firm Perplexity AI for allegedly engaging in “massive illegal copying” of publications’ copyrighted works.
News Corp also announced Thursday that Chief Financial Officer Susan Panuccio will step down on Jan. 1 after nearly eight years on the job. In his place will be Lavanya Chandrashekhar, an experienced CFO who has worked in Procter & Gamble, Mondelez and Diageo.
