News Corp reported 3% revenue growth for the quarter that ended in March, driven by positive foreign-exchange fluctuations plus solid growth at the company’s digital real estate, book publishing and Dow Jones units.
The New York-based media company, whose holdings include The Wall Street Journal and HarperCollins Publishers, swung to a profit of $79 million, or 13 cents a share, compared with a loss of $730 million, or $1.24 per share, in the year-earlier quarter, when the company took a big noncash impairment charge.
News Corp’s total revenue rose to $2.34 billion in the quarter, up from $2.27 billion a year earlier. Growth was partially offset by weakness in print advertising and the loss of contributions from the coupon-publishing unit the company sold last year.
The company posted a 23% increase in earnings before interest, taxes, depreciation and amortization, reflecting improved profitability at several units.
“The results vindicate the strategy of simplifying the asset mix, vigorously pursuing digitization, slimming the cost base, and investing in three growth areas—digital real-estate services, Dow Jones and book publishing,” News Corp Chief Executive Robert Thomson said on a call with analysts.