News Corporation Reports Second Quarter Results for Fiscal 2024

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Insights

The reported financial results show a 3% revenue increase and a substantial 95% increase in net income, which may signal to investors a robust financial health of News Corp. The growth is primarily attributed to the company's strategic shift toward digital and subscription revenues, reducing reliance on the more volatile advertising revenue streams. This strategy aligns with current industry trends where digital transformation is key for sustainability and growth. The strong performance in the Digital Real Estate Services, Dow Jones and Book Publishing segments indicates a successful diversification of revenue sources. However, it is important to note the decline in Subscription Video Services EBITDA by 14%, which could raise concerns about the competitive pressures and costs associated with sports programming rights.

Investors would also be interested in the 16% surge in Total Segment EBITDA which is a significant indicator of operational efficiency and profitability. The mention of a 5% headcount reduction initiative as part of cost savings may be a double-edged sword, potentially improving profitability margins but also possibly affecting company morale and long-term innovation capacity. The improvement in free cash flow from negative to positive and a reduction in the negative free cash flow available to News Corp suggests an improved liquidity position, which is critical for future investments and shareholder returns.

From a market perspective, News Corp's emphasis on digital and subscription models is highly relevant given the evolving consumer preferences and the digital shift in content consumption. The growth in digital sales, especially the notable 15% increase in downloadable audiobook sales, reflects successful adaptation to the changing market dynamics. The 22% increase in Australian residential revenues at REA Group indicates a strong performance in the real estate sector and may suggest a positive outlook for the Australian residential market.

However, the decline in News Media segment revenues by 3% and Subscription Video Services EBITDA could be indicative of broader industry challenges, such as the shift away from traditional print media and the high costs associated with maintaining competitive sports broadcasting rights. These segments may require strategic reassessments to maintain growth trajectories. The flat growth in Foxtel's total closing paid subscribers suggests a saturation point or increased competition in the market, which could impact future revenue growth in this segment.

The financial results reflect an adaptive response to macroeconomic conditions, with the company leveraging digital transformation to mitigate risks associated with economic fluctuations. The 22% increase in revenues from REA Group amidst challenging global economic conditions is particularly noteworthy, as it may indicate resilience in certain market segments against broader economic headwinds. The improvement in net income is impressive, especially when many companies are facing margin pressures due to inflation and supply chain disruptions.

News Corp's strategy to focus on digital real estate services, professional information business and book publishing aligns with the broader economic shift towards digital services and products. However, the company's performance must be continuously evaluated against global economic indicators, such as interest rates and housing market trends, as these could significantly impact segments like Digital Real Estate Services and Subscription Video Services. The mention of negotiation over litigation with Generative AI companies suggests a forward-looking approach to intellectual property, which is becoming increasingly important as technology advances.

02/07/2024 - 04:15 PM

FISCAL 2024 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS

Second quarter revenues were $2.59 billion, a 3% increase compared to $2.52 billion in the prior year, driven by growth at the Digital Real Estate Services, Dow Jones and Book Publishing segments
Net income in the quarter was $183 million, compared to net income of $94 million in the prior year
Second quarter Total Segment EBITDA was $473 million, compared to $409 million in the prior year
In the quarter, reported EPS were $0.27 as compared to $0.12 in the prior year - Adjusted EPS were $0.26 compared to $0.14 in the prior year
Dow Jones achieved its highest quarterly revenues and Segment EBITDA since its acquisition in 2007, driven by strength in professional information business revenues, which rose 13% compared to the prior year
REA Group posted record quarterly revenues of $292 million, a 22% increase compared to the prior year, primarily driven by robust Australian residential performance
Book Publishing revenues grew 4%, while Segment EBITDA increased 67%, driven by higher digital sales, which benefited from strong audiobooks performance, and improved return rates

NEW YORK--(BUSINESS WIRE)-- News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended December 31, 2023.

Commenting on the results, Chief Executive Robert Thomson said:

“News Corp again saw growth in both revenue and profitability this quarter as we continue to realize the collective benefit of our strategic shift to digital and subscription revenues, and away from sometimes volatile advertising revenues.

Our net income rose to $183 million from $94 million in the same quarter last year and our reported EPS was 27 cents, compared to 12 cents for the same period last year, driven by a 16% surge in Total Segment EBITDA. We had particularly robust results across the three core pillars of our business – Dow Jones, Book Publishing and Digital Real Estate Services – and believe there are strong prospects for further growth as difficult macro conditions ease in some of our markets.

We expect to be a core content provider for Generative AI companies, who need the highest quality, timely content to ensure the relevance and accuracy of their products. We patently prefer negotiation to litigation, courtship to courtrooms. But let’s be clear, in my view those who repurpose without approval are stealing and are undermining the very act of creativity – counterfeiting is not creating, and the AI world is replete with content counterfeiters.

I also want to draw attention to the plight of our colleague Evan Gershkovich, who continues to be unjustly detained in a Moscow prison, solely for being a highly professional journalist. We hope that justice will prevail and thank all who publicly, and not so publicly, have been working to secure his emancipation.”

SECOND QUARTER RESULTS

The Company reported fiscal 2024 second quarter total revenues of $2.59 billion, a 3% increase compared to $2.52 billion in the prior year period, primarily driven by higher Australian residential revenues at REA Group, continued strong growth in the professional information business at the Dow Jones segment, increased digital sales and improved returns due to better sell through of inventory at the Book Publishing segment and a $13 million, or 1%, positive impact from foreign currency fluctuations. The increase was partly offset by lower revenues at Move due to continued challenging housing market conditions in the U.S. and lower advertising revenues at the News Media segment. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) were up 2% compared to the prior year.

Net income for the quarter was $183 million, a 95% increase compared to net income of $94 million in the prior year, driven by higher Total Segment EBITDA, as discussed below, improved equity losses of affiliates and higher Other, net. These impacts were partially offset by higher income tax expense.

The Company reported second quarter Total Segment EBITDA of $473 million, a 16% increase compared to $409 million in the prior year primarily due to higher revenues, as discussed above, lower costs at the Book Publishing segment and gross cost savings related to the announced 5% headcount reduction initiative. The increase was partly offset by higher sports programming rights costs at the Subscription Video Services segment. Adjusted Total Segment EBITDA (as defined in Note 2) increased 14%.

Net income per share attributable to News Corporation stockholders was $0.27 as compared to $0.12 in the prior year.

Adjusted EPS (as defined in Note 3) were $0.26 compared to $0.14 in the prior year.

SEGMENT REVIEW

	For the three months ended December 31,								For the six months ended December 31,
		2023			2022		% Change			2023			2022		% Change
	(in millions)						Better/ (Worse)		(in millions)						Better/ (Worse)
Revenues:
Digital Real Estate Services	$	419		$	386		9	%	$	822		$	807		2	%
Subscription Video Services		470			462		2	%		956			964		(1	)%
Dow Jones		584			563		4	%		1,121			1,078		4	%
Book Publishing		550			531		4	%		1,075			1,018		6	%
News Media		563			579		(3	)%		1,111			1,132		(2	)%
Other		—			—		—	%		—			—		—	%
Total Revenues	$	2,586		$	2,521		3	%	$	5,085		$	4,999		2	%

Segment EBITDA:
Digital Real Estate Services	$	147		$	128		15	%	$	269		$	247		9	%
Subscription Video Services		77			90		(14	)%		170			201		(15	)%
Dow Jones		163			139		17	%		287			252		14	%
Book Publishing		85			51		67	%		150			90		67	%
News Media		52			59		(12	)%		66			77		(14	)%
Other		(51	)		(58	)	12	%		(105	)		(108	)	3	%
Total Segment EBITDA	$	473		$	409		16	%	$	837		$	759		10	%

Digital Real Estate Services

Revenues in the quarter increased $33 million, or 9%, compared to the prior year, driven by strong performance at REA Group partly offset by lower revenues at Move. Segment EBITDA in the quarter increased $19 million, or 15%, compared to the prior year, primarily due to higher revenues at REA Group partly offset by lower revenues at Move and a $2 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues and Adjusted Segment EBITDA (as defined in Note 2) increased 8% and 16%, respectively.

In the quarter, revenues at REA Group increased $52 million, or 22%, to $292 million, primarily driven by higher Australian residential revenues due to price increases, increased depth penetration, favorable geographic mix and an increase in national listings, as well as an increase from financial services. The increase was slightly offset by a $3 million, or 1%, negative impact from foreign currency fluctuations. Australian national residential buy listing volumes in the quarter increased 8% compared to the prior year, with listings in Sydney and Melbourne up 22% and 24%, respectively.

Move’s revenues in the quarter decreased $19 million, or 13%, to $127 million, primarily as a result of lower real estate revenues. Real estate revenues, which represented 82% of total Move revenues, decreased $17 million, or 14%, driven by the continued impact of the macroeconomic environment on the housing market, including higher mortgage rates, which has led to lower lead and transaction volumes. Revenues from the referral model, which includes the ReadyConnect Concierge℠ product, and the traditional lead generation product decreased due to these factors. Based on Move’s internal data, average monthly unique users of Realtor.com^®’s web and mobile sites for the fiscal second quarter was flat compared to the prior year at 66 million. Lead volume declined 7%, which was an improvement from the prior quarter rate.

Subscription Video Services

Revenues of $470 million in the quarter increased $8 million, or 2%, compared with the prior year, driven by higher revenues from Kayo and BINGE from increases in both volume and pricing, despite a more difficult Summer sports season and inflationary pressures, partially offset by the impact from fewer residential broadcast subscribers and a $6 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues of $476 million increased 3% compared to the prior year. Foxtel Group streaming subscription revenues represented approximately 29% of total circulation and subscription revenues in the quarter, as compared to 26% in the prior year.

As of December 31, 2023, Foxtel’s total closing paid subscribers were over 4.3 million, flat compared to the prior year, as growth in streaming subscribers driven by Kayo and BINGE was offset by fewer residential broadcast subscribers. Broadcast subscriber churn in the quarter was flat compared to the prior year at 12.9%, despite the completion of Foxtel’s migration project of subscribers off cable. Broadcast ARPU for the quarter increased 3% year-over-year to A$86 (US$56).

	As of December 31,
	2023	2022
	(in 000's)
Broadcast Subscribers
Residential	1,273	1,401
Commercial	232	230
Streaming Subscribers (Total (Paid))
Kayo	1,183 (1,173 paid)	1,136 (1,126 paid)
BINGE	1,503 (1,471 paid)	1,439 (1,375 paid)
Foxtel Now	155 (150 paid)	183 (177 paid)

Total Subscribers (Total (Paid))	4,365 (4,317 paid)	4,414 (4,329 paid)

Segment EBITDA of $77 million in the quarter decreased $13 million, or 14%, compared with the prior year, which includes a $1 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Segment EBITDA of $78 million decreased 13% compared to the prior year, primarily due to higher sports programming rights costs driven mainly by contractual increases across AFL and NRL and $10 million of costs related to the upcoming launch of Hubbl partially offset by higher revenues and lower technology and marketing costs.

Dow Jones

Revenues in the quarter increased $21 million, or 4%, compared to the prior year, driven by growth in circulation and subscription revenues led by growth in professional information business products. Digital revenues at Dow Jones in the quarter represented 78% of total revenues compared to 76% in the prior year. Adjusted Revenues increased 3%.

Circulation and subscription revenues increased $24 million, or 6%, including a $3 million, or 1%, positive impact from foreign currency fluctuations. Professional information business revenues grew 13%, primarily due to 16% growth in Risk & Compliance revenues to $72 million and 15% growth in Dow Jones Energy revenues to $62 million. Circulation revenues were flat compared to the prior year, as the continued growth in digital-only subscriptions, which benefited from an increase in bundle offers, was offset by lower print volume. Digital circulation revenues accounted for 70% of circulation revenues for the quarter, compared to 69% in the prior year.

During the second quarter, total average subscriptions to Dow Jones’ consumer products were over 5.4 million, a 10% increase compared to the prior year. Digital-only subscriptions to Dow Jones’ consumer products grew 15%. Total subscriptions to The Wall Street Journal grew 7% compared to the prior year, to over 4.0 million average subscriptions in the quarter. Digital-only subscriptions to The Wall Street Journal grew 11% to over 3.5 million average subscriptions in the quarter, and represented 87% of total Wall Street Journal subscriptions.

	For the three months ended December 31,
	2023	2022	% Change
(in thousands, except %)			Better/(Worse)
The Wall Street Journal
Digital-only subscriptions	3,528	3,167	11 %
Total subscriptions	4,052	3,780	7 %
Barron’s Group
Digital-only subscriptions	1,104	894	23 %
Total subscriptions	1,242	1,062	17 %
Total Consumer
Digital-only subscriptions	4,746	4,139	15 %
Total subscriptions	5,427	4,943	10 %

Advertising revenues decreased $5 million, or 4%, primarily due to an 11% decline in print advertising revenues slightly offset by 1% growth in digital advertising revenues. Digital advertising accounted for 62% of total advertising revenues in the quarter, compared to 59% in the prior year.

Segment EBITDA for the quarter increased $24 million, or 17%, primarily as a result of the higher revenues discussed above. Adjusted Segment EBITDA increased 17%.

Book Publishing

Revenues in the quarter increased $19 million, or 4%, compared to the prior year, primarily driven by the increase in digital book sales and improved returns due to better sell through of inventory. Key titles in the quarter included The Pioneer Woman Cooks – Dinner’s Ready! by Ree Drummond, The Little Liar by Mitch Albom, Tom Lake by Ann Patchett and My Effin’ Life by Geddy Lee. Adjusted Revenues increased 2%. Digital sales increased 15% compared to the prior year, driven by strong market growth for downloadable audiobook sales, as well as the contribution from a new Spotify partnership. Digital sales represented 21% of Consumer revenues for the quarter compared to 19% in the prior year with audiobooks accounting for approximately half of digital revenues. Backlist sales represented approximately 60% of consumer revenues in the quarter compared to 57% in the prior year.

Segment EBITDA for the quarter increased $34 million, or 67%, compared to the prior year, primarily driven by the higher revenues discussed above and lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures, partly offset by higher employee costs. Adjusted Segment EBITDA increased 65%.

News Media

Revenues in the quarter decreased $16 million, or 3%, as compared to the prior year, primarily driven by lower advertising revenues, partially offset by the $13 million, or 2%, positive impact from foreign currency fluctuations and higher circulation and subscription revenues. Within the segment, revenues at News Corp Australia decreased 6%, driven by lower advertising revenues, while News UK was flat as lower advertising revenues were offset by a 5% positive impact from foreign currency fluctuations and higher circulation and subscription revenues. Adjusted Revenues for the segment decreased 5% compared to the prior year.

Circulation and subscription revenues increased $12 million, or 5%, compared to the prior year, primarily due to a $7 million, or 3%, positive impact from foreign currency fluctuations, price increases and digital subscriber growth, partially offset by lower print volumes.

Advertising revenues decreased $24 million, or 9%, compared to the prior year, primarily due to lower digital advertising across the business units mainly driven by a decline in traffic at some mastheads due to platform related changes and lower print advertising at News Corp Australia. The decline was partially offset by a $5 million, or 2%, positive impact from foreign currency fluctuations.

In the quarter, Segment EBITDA decreased $7 million, or 12%, compared to the prior year, driven by lower revenues, as discussed above, partially offset by lower production costs at News UK driven by lower volume and newsprint prices and a $2 million, or 3%, positive impact from foreign currency fluctuations. Adjusted Segment EBITDA decreased 15%.

Digital revenues represented 38% of News Media segment revenues in the quarter, compared to 37% in the prior year, and represented 36% of the combined revenues of the newspaper mastheads. Digital subscribers and users across key properties within the News Media segment are summarized below:

Closing digital subscribers at News Corp Australia as of December 31, 2023 were 1,051,000 (940,000 for news mastheads), compared to 1,011,000 (924,000 for news mastheads) in the prior year (Source: Internal data)
The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of December 31, 2023 were 575,000, compared to 550,000 in the prior year (Source: Internal data). The previously disclosed methodology change resulted in a 59,000 and 61,000 increase to the closing digital subscriber number at December 31, 2023 and 2022, respectively
The Sun’s digital offering reached 143 million global monthly unique users in December 2023, compared to 194 million in the prior year (Source: Meta Pixel)
New York Post’s digital network reached 124 million unique users in December 2023, compared to 141 million in the prior year (Source: Google Analytics)

CASH FLOW

The following table presents a reconciliation of net cash provided by operating activities to free cash flow and free cash flow available to News Corporation:

	For the six months ended December 31,
		2023			2022
	(in millions)
Net cash provided by operating activities	$	305		$	161
Less: Capital expenditures		(236	)		(217	)
Free cash flow		69			(56	)
Less: REA Group free cash flow		(134	)		(96	)
Plus: Cash dividends received from REA Group		44			50
Free cash flow available to News Corporation	$	(21	)	$	(102	)

Net cash provided by operating activities of $305 million for the six months ended December 31, 2023 was $144 million higher than $161 million in the prior year, primarily due to higher Total Segment EBITDA, as noted above, lower working capital and lower tax payments, partially offset by higher restructuring payments.

Free cash flow in the six months ended December 31, 2023 was $69 million compared to $(56) million in the prior year. Free cash flow available to News Corporation in the six months ended December 31, 2023 was $(21) million compared to $(102) million in the prior year. The improvement in both free cash flow and free cash flow available to News Corporation was primarily due to higher cash provided by operating activities, as mentioned above, partially offset by higher capital expenditures. Foxtel’s capital expenditures for the six months ended December 31, 2023 were $82 million compared to $84 million in the prior year.

Free cash flow and free cash flow available to News Corporation are non-GAAP financial measures. Free cash flow is defined as net cash provided by (used in) operating activities, less capital expenditures, and free cash flow available to News Corporation is defined as free cash flow, less REA Group free cash flow, plus cash dividends received from REA Group. Free cash flow and free cash flow available to News Corporation may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of free cash flow.

Neither free cash flow nor free cash flow available to News Corporation represents the total increase or decrease in the cash balance for the period and should be considered in addition to, not as a substitute for, the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP, which incorporates all cash movements during the period.

The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends. The Company believes free cash flow available to News Corporation, which adjusts free cash flow to exclude REA Group’s free cash flow and include dividends received from REA Group, provides management and investors with a measure of the amount of cash flow that is readily available to the Company, as REA Group is a separately listed public company in Australia and must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance. The Company believes free cash flow available to News Corporation provides a more conservative view of the Company’s free cash flow because this presentation includes only that amount of cash the Company actually receives from REA Group, which has generally been lower than the Company’s unadjusted free cash flow.

OTHER ITEMS

Dividends

The Company declared today a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. This dividend is payable on April 10, 2024 to stockholders of record as of March 13, 2024.

COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION

Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income attributable to News Corporation stockholders, Adjusted EPS, constant currency revenues, free cash flow and free cash flow available to News Corporation are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company’s underlying business performance and to provide for more meaningful comparisons of the Company’s operating performance between periods. These measures also allow investors and analysts to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2, 3 and 4 and the reconciliation of net cash provided by operating activities to free cash flow and free cash flow available to News Corporation is included above.

Conference call

News Corporation’s earnings conference call can be heard live at 5:00 p.m. EST on February 7, 2024. To listen to the call, please visit http://investors.newscorp.com.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding trends and uncertainties affecting the Company’s business, results of operations and financial condition, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives, including announced headcount reductions, and the outcome of contingencies such as litigation and investigations. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corporation

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: www.newscorp.com.


NEWS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share amounts)

	For the three months ended December 31,						For the six months ended December 31,
		2023			2022			2023			2022
Revenues:
Circulation and subscription	$	1,119		$	1,085		$	2,248		$	2,196
Advertising		438			464			829			870
Consumer		527			512			1,029			979
Real estate		327			301			638			624
Other		175			159			341			330
Total Revenues		2,586			2,521			5,085			4,999
Operating expenses		(1,281	)		(1,294	)		(2,554	)		(2,567	)
Selling, general and administrative		(832	)		(818	)		(1,694	)		(1,673	)
Depreciation and amortization		(179	)		(174	)		(350	)		(353	)
Impairment and restructuring charges		(13	)		(19	)		(51	)		(40	)
Equity losses of affiliates		(1	)		(29	)		(3	)		(33	)
Interest expense, net		(25	)		(26	)		(48	)		(53	)
Other, net		22			(6	)		(13	)		(24	)
Income before income tax expense		277			155			372			256
Income tax expense		(94	)		(61	)		(131	)		(96	)
Net income		183			94			241			160
Net income attributable to noncontrolling interests		(27	)		(27	)		(55	)		(53	)
Net income attributable to News Corporation stockholders	$	156		$	67		$	186		$	107

Weighted average shares outstanding:
Basic		572			576			572			579
Diluted		574			578			574			581

Net income attributable to News Corporation stockholders per share:
Basic	$	0.27		$	0.12		$	0.33		$	0.18
Diluted	$	0.27		$	0.12		$	0.32		$	0.18

NEWS CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited; in millions)

	As of December 31, 2023			As of June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,724		$	1,833
Receivables, net		1,516			1,425
Inventory, net		297			311
Other current assets		466			484
Total current assets		4,003			4,053

Non-current assets:
Investments		424			427
Property, plant and equipment, net		1,985			2,042
Operating lease right-of-use assets		1,007			1,036
Intangible assets, net		2,423			2,489
Goodwill		5,214			5,140
Deferred income tax assets, net		305			393
Other non-current assets		1,320			1,341
Total assets	$	16,681		$	16,921

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	243		$	440
Accrued expenses		1,095			1,123
Deferred revenue		510			622
Current borrowings		58			27
Other current liabilities		878			953
Total current liabilities		2,784			3,165

Non-current liabilities:
Borrowings		2,984			2,940
Retirement benefit obligations		136			134
Deferred income tax liabilities, net		129			163
Operating lease liabilities		1,090			1,128
Other non-current liabilities		456			446
Commitments and contingencies
Equity:
Class A common stock		4			4
Class B common stock		2			2
Additional paid-in capital		11,334			11,449
Accumulated deficit		(1,958	)		(2,144	)
Accumulated other comprehensive loss		(1,200	)		(1,247	)
Total News Corporation stockholders' equity		8,182			8,064
Noncontrolling interests		920			881
Total equity		9,102			8,945
Total liabilities and equity	$	16,681		$	16,921

NEWS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions)

	For the six months ended December 31,
		2023			2022
Operating activities:
Net income	$	241		$	160
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		350			353
Operating lease expense		48			57
Equity losses of affiliates		3			33
Cash distributions received from affiliates		3			5
Impairment charges		24			—
Deferred income taxes and taxes payable		67			17
Other, net		13			24
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets		(69	)		(351	)
Inventories, net		50			(11	)
Accounts payable and other liabilities		(425	)		(126	)
Net cash provided by operating activities		305			161
Investing activities:
Capital expenditures		(236	)		(217	)
Acquisitions, net of cash acquired		(20	)		(15	)
Investments in equity affiliates and other, net		(22	)		(92	)
Proceeds from property, plant and equipment and other asset dispositions		—			8
Other, net		—			(21	)
Net cash used in investing activities		(278	)		(337	)
Financing activities:
Borrowings		1,049			407
Repayment of borrowings		(1,044	)		(462	)
Repurchase of shares		(56	)		(178	)
Dividends paid		(85	)		(89	)
Other, net		(8	)		10
Net cash used in financing activities		(144	)		(312	)
Net change in cash and cash equivalents		(117	)		(488	)
Cash and cash equivalents, beginning of period		1,833			1,822
Effect of exchange rate changes on cash and cash equivalents		8			(6	)
Cash and cash equivalents, end of period	$	1,724		$	1,328

NOTE 1 – TOTAL SEGMENT EBITDA

Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss), cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods. The following tables reconcile net income to Total Segment EBITDA for the three and six months ended December 31, 2023 and 2022:

	For the three months ended December 31,
		2023			2022	Change			% Change
	(in millions)
Net income	$	183		$	94	$	89		95	%
Add:
Income tax expense		94			61		33		54	%
Other, net		(22	)		6		(28	)	**
Interest expense, net		25			26		(1	)	(4	)%
Equity losses of affiliates		1			29		(28	)	(97	)%
Impairment and restructuring charges		13			19		(6	)	(32	)%
Depreciation and amortization		179			174		5		3	%
Total Segment EBITDA	$	473		$	409	$	64		16	%

	For the six months ended December 31,
		2023		2022	Change			% Change
	(in millions)
Net income	$	241	$	160	$	81		51	%
Add:
Income tax expense		131		96		35		36	%
Other, net		13		24		(11	)	(46	)%
Interest expense, net		48		53		(5	)	(9	)%
Equity losses of affiliates		3		33		(30	)	(91	)%
Impairment and restructuring charges		51		40		11		28	%
Depreciation and amortization		350		353		(3	)	(1	)%
Total Segment EBITDA	$	837	$	759	$	78		10	%

NOTE 2 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA

The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs, net of indemnification, related to the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”), charges for other significant, non-ordinary course legal or regulatory matters (“litigation charges”) and foreign currency fluctuations (“Adjusted Revenues,” “Adjusted Total Segment EBITDA” and “Adjusted Segment EBITDA,” respectively) to evaluate the performance of the Company’s core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.

The calculation of Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for amounts determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues and reported Total Segment EBITDA to Adjusted Revenues and Adjusted Total Segment EBITDA for the three and six months ended December 31, 2023 and 2022:

	Revenues								Total Segment EBITDA
	For the three months ended December 31,								For the three months ended December 31,
		2023			2022	Difference				2023		2022	Difference
	(in millions)								(in millions)
As reported	$	2,586		$	2,521	$	65		$	473	$	409	$	64
Impact of acquisitions		(5	)		—		(5	)		—		6		(6	)
Impact of foreign currency fluctuations		(13	)		—		(13	)		—		—		—
Net impact of U.K. Newspaper Matters		—			—		—			2		3		(1	)
As adjusted	$	2,568		$	2,521	$	47		$	475	$	418	$	57

	Revenues								Total Segment EBITDA
	For the six months ended December 31,								For the six months ended December 31,
		2023			2022	Difference				2023			2022	Difference
	(in millions)								(in millions)
As reported	$	5,085		$	4,999	$	86		$	837		$	759	$	78
Impact of acquisitions		(12	)		—		(12	)		(1	)		6		(7	)
Impact of foreign currency fluctuations		1			—		1			8			—		8
Net impact of U.K. Newspaper Matters		—			—		—			5			9		(4	)
As adjusted	$	5,074		$	4,999	$	75		$	849		$	774	$	75

Foreign Exchange Rates

Average foreign exchange rates used in the calculation of the impact of foreign currency fluctuations for the three and six months ended December 31, 2023 and 2022 are as follows:

	Fiscal Year 2024
	Q1	Q2
U.S. Dollar per Australian Dollar	$0.65	$0.65
U.S. Dollar per British Pound Sterling	$1.27	$1.24

	Fiscal Year 2023
	Q1	Q2
U.S. Dollar per Australian Dollar	$0.68	$0.66
U.S. Dollar per British Pound Sterling	$1.17	$1.17

Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and six months ended December 31, 2023 and 2022 are as follows:

	For the three months ended December 31,
		2023			2022		% Change
	(in millions)						Better/(Worse)
Adjusted Revenues:
Digital Real Estate Services	$	418		$	386		8	%
Subscription Video Services		476			462		3	%
Dow Jones		581			563		3	%
Book Publishing		543			531		2	%
News Media		550			579		(5	)%
Other		—			—		—	%
Adjusted Total Revenues	$	2,568		$	2,521		2	%

Adjusted Segment EBITDA:
Digital Real Estate Services	$	149		$	128		16	%
Subscription Video Services		78			90		(13	)%
Dow Jones		163			139		17	%
Book Publishing		84			51		65	%
News Media		50			59		(15	)%
Other		(49	)		(49	)	—	%
Adjusted Total Segment EBITDA	$	475		$	418		14	%

	For the six months ended December 31,
		2023			2022		% Change
	(in millions)						Better/(Worse)
Adjusted Revenues:
Digital Real Estate Services	$	829		$	807		3	%
Subscription Video Services		983			964		2	%
Dow Jones		1,114			1,078		3	%
Book Publishing		1,057			1,018		4	%
News Media		1,091			1,132		(4	)%
Other		—			—		—	%
Adjusted Total Revenues	$	5,074		$	4,999		2	%

Adjusted Segment EBITDA:
Digital Real Estate Services	$	277		$	247		12	%
Subscription Video Services		175			201		(13	)%
Dow Jones		286			252		13	%
Book Publishing		146			90		62	%
News Media		65			77		(16	)%
Other		(100	)		(93	)	(8	)%
Adjusted Total Segment EBITDA	$	849		$	774		10	%

The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and six months ended December 31, 2023 and 2022:

	For the three months ended December 31, 2023
	As Reported			Impact of Acquisitions			Impact of Foreign Currency Fluctuations			Net Impact of U.K. Newspaper Matters		As Adjusted
	(in millions)
Revenues:
Digital Real Estate Services	$	419		$	(4	)	$	3		$	—	$	418
Subscription Video Services		470			—			6			—		476
Dow Jones		584			—			(3	)		—		581
Book Publishing		550			(1	)		(6	)		—		543
News Media		563			—			(13	)		—		550
Other		—			—			—			—		—
Total Revenues	$	2,586		$	(5	)	$	(13	)	$	—	$	2,568

Segment EBITDA:
Digital Real Estate Services	$	147		$	—		$	2		$	—	$	149
Subscription Video Services		77			—			1			—		78
Dow Jones		163			—			—			—		163
Book Publishing		85			—			(1	)		—		84
News Media		52			—			(2	)		—		50
Other		(51	)		—			—			2		(49	)
Total Segment EBITDA	$	473		$	—		$	—		$	2	$	475

	For the three months ended December 31, 2022
	As Reported			Impact of Acquisitions		Impact of Foreign Currency Fluctuations		Net Impact of U.K. Newspaper Matters		As Adjusted
	(in millions)
Revenues:
Digital Real Estate Services	$	386		$	—	$	—	$	—	$	386
Subscription Video Services		462			—		—		—		462
Dow Jones		563			—		—		—		563
Book Publishing		531			—		—		—		531
News Media		579			—		—		—		579
Other		—			—		—		—		—
Total Revenues	$	2,521		$	—	$	—	$	—	$	2,521

Segment EBITDA:
Digital Real Estate Services	$	128		$	—	$	—	$	—	$	128
Subscription Video Services		90			—		—		—		90
Dow Jones		139			—		—		—		139
Book Publishing		51			—		—		—		51
News Media		59			—		—		—		59
Other		(58	)		6		—		3		(49	)
Total Segment EBITDA	$	409		$	6	$	—	$	3	$	418

	For the six months ended December 31, 2023
	As Reported			Impact of Acquisitions			Impact of Foreign Currency Fluctuations			Net Impact of U.K. Newspaper Matters		As Adjusted
	(in millions)
Revenues:
Digital Real Estate Services	$	822		$	(7	)	$	14		$	—	$	829
Subscription Video Services		956			—			27			—		983
Dow Jones		1,121			—			(7	)		—		1,114
Book Publishing		1,075			(5	)		(13	)		—		1,057
News Media		1,111			—			(20	)		—		1,091
Other		—			—			—			—		—
Total Revenues	$	5,085		$	(12	)	$	1		$	—	$	5,074

Segment EBITDA:
Digital Real Estate Services	$	269		$	1		$	7		$	—	$	277
Subscription Video Services		170			—			5			—		175
Dow Jones		287			—			(1	)		—		286
Book Publishing		150			(2	)		(2	)		—		146
News Media		66			—			(1	)		—		65
Other		(105	)		—			—			5		(100	)
Total Segment EBITDA	$	837		$	(1	)	$	8		$	5	$	849

	For the six months ended December 31, 2022
	As Reported			Impact of Acquisitions		Impact of Foreign Currency Fluctuations		Net Impact of U.K. Newspaper Matters		As Adjusted
	(in millions)
Revenues:
Digital Real Estate Services	$	807		$	—	$	—	$	—	$	807
Subscription Video Services		964			—		—		—		964
Dow Jones		1,078			—		—		—		1,078
Book Publishing		1,018			—		—		—		1,018
News Media		1,132			—		—		—		1,132
Other		—			—		—		—		—
Total Revenues	$	4,999		$	—	$	—	$	—	$	4,999

Segment EBITDA:
Digital Real Estate Services	$	247		$	—	$	—	$	—	$	247
Subscription Video Services		201			—		—		—		201
Dow Jones		252			—		—		—		252
Book Publishing		90			—		—		—		90
News Media		77			—		—		—		77
Other		(108	)		6		—		9		(93	)
Total Segment EBITDA	$	759		$	6	$	—	$	9	$	774

NOTE 3 – ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS

The Company uses net income (loss) attributable to News Corporation stockholders and diluted earnings per share (“EPS”) excluding expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges and “Other, net”, net of tax, recognized by the Company or its equity method investees, as well as the settlement of certain pre-Separation tax matters (“adjusted net income (loss) attributable to News Corporation stockholders” and “adjusted EPS,” respectively), to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items. The calculation of adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income (loss) attributable to News Corporation stockholders and net income (loss) per share as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported net income attributable to News Corporation stockholders and reported diluted EPS to adjusted net income attributable to News Corporation stockholders and adjusted EPS for the three and six months ended December 31, 2023 and 2022:

	For the three months ended December 31, 2023						For the three months ended December 31, 2022
(in millions, except per share data)	Net income attributable to stockholders			EPS			Net income attributable to stockholders			EPS
Net income	$	183					$	94
Net income attributable to noncontrolling interests		(27	)					(27	)
Net income attributable to News Corporation stockholders	$	156		$	0.27		$	67		$	0.12
U.K. Newspaper Matters		2			0.01			3			0.01
Impairment and restructuring charges ^(a)		13			0.02			19			0.02
Other, net		(22	)		(0.04	)		6			0.01
Tax impact on items above		1			—			(12	)		(0.02	)
Impact of noncontrolling interest on items above		(1	)		—			—			—
As adjusted	$	149		$	0.26		$	83		$	0.14

^(a)		During the three months ended December 31, 2023, the Company recognized non-cash impairment charges of $1 million at the News Media segment related to the write-down of fixed assets associated with the proposed combination of certain U.K. printing operations with those of a third party.

	For the six months ended December 31, 2023						For the six months ended December 31, 2022
(in millions, except per share data)	Net income attributable to stockholders			EPS			Net income attributable to stockholders			EPS
Net income	$	241					$	160
Less: Net income attributable to noncontrolling interests		(55	)					(53	)
Net income attributable to News Corporation stockholders	$	186		$	0.32		$	107		$	0.18
U.K. Newspaper Matters		5			0.01			9			0.02
Impairment and restructuring charges ^(a)		51			0.09			40			0.07
Other, net		13			0.02			24			0.04
Tax impact on items above		(18	)		(0.03	)		(27	)		(0.05	)
Impact of noncontrolling interest on items above		2			0.01			(1	)		—
As adjusted	$	239		$	0.42		$	152		$	0.26

^(a)

During the six months ended December 31, 2023, the Company recognized non-cash impairment charges of $22 million at the News Media segment related to the write-down of fixed assets associated with the proposed combination of certain U.K. printing operations with those of a third party.

NOTE 4 – CONSTANT CURRENCY REVENUES

The Company believes that the presentation of revenues excluding the impact of foreign currency fluctuations (“constant currency revenues”) provides useful information regarding the performance of the Company’s core business operations exclusive of distortions between periods caused by the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar as described in Note 2.

Constant currency revenues are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for revenues as determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues to constant currency revenues for the three and six months ended December 31, 2023:

	Q2 Fiscal 2023		Q2 Fiscal 2024		FX impact			Q2 Fiscal 2024 constant currency		% Change - reported		% Change - constant currency
	($ in millions)									Better/(Worse)
Consolidated results:
Circulation and subscription	$	1,085	$	1,119	$	5		$	1,114	3	%	3	%
Advertising		464		438		4			434	(6	)%	(6	)%
Consumer		512		527		6			521	3	%	2	%
Real estate		301		327		(2	)		329	9	%	9	%
Other		159		175		—			175	10	%	10	%
Total revenues	$	2,521	$	2,586	$	13		$	2,573	3	%	2	%

Digital Real Estate Services:
Circulation and subscription	$	3	$	2	$	—		$	2	(33	)%	(33	)%
Advertising		33		32		—		$	32	(3	)%	(3	)%
Real estate		301		327		(2	)	$	329	9	%	9	%
Other		49		58		(1	)	$	59	18	%	20	%
Total Digital Real Estate Services segment revenues	$	386	$	419	$	(3	)	$	422	9	%	9	%

REA Group revenues	$	240	$	292	$	(3	)	$	295	22	%	23	%

Subscription Video Services:
Circulation and subscription	$	405	$	404	$	(5	)	$	409	—	%	1	%
Advertising		47		51		(1	)	$	52	9	%	11	%
Other		10		15		—		$	15	50	%	50	%
Total Subscription Video Services segment revenues	$	462	$	470	$	(6	)	$	476	2	%	3	%

	Q2 Fiscal 2023		Q2 Fiscal 2024		FX impact			Q2 Fiscal 2024 constant currency		% Change - reported		% Change - constant currency
	($ in millions)									Better/(Worse)
Dow Jones:
Circulation and subscription	$	417	$	441	$	3		$	438	6	%	5	%
Advertising		131		126		—		$	126	(4	)%	(4	)%
Other		15		17		—		$	17	13	%	13	%
Total Dow Jones segment revenues	$	563	$	584	$	3		$	581	4	%	3	%

Book Publishing:
Consumer		512		527		6		$	521	3	%	2	%
Other		19		23		—		$	23	21	%	21	%
Total Book Publishing segment revenues	$	531	$	550	$	6		$	544	4	%	2	%

News Media:
Circulation and subscription	$	260	$	272	$	7		$	265	5	%	2	%
Advertising		253		229		5		$	224	(9	)%	(11	)%
Other		66		62		1		$	61	(6	)%	(8	)%
Total News Media segment revenues	$	579	$	563	$	13		$	550	(3	)%	(5	)%

News UK
Circulation and subscription	$	129	$	141	$	8		$	133	9	%	3	%
Advertising		83		76		4		$	72	(8	)%	(13	)%
Other		26		22		1		$	21	(15	)%	(19	)%
Total News UK revenues	$	238	$	239	$	13		$	226	—	%	(5	)%

News Corp Australia
Circulation and subscription	$	107	$	106	$	(1	)	$	107	(1	)%	—	%
Advertising		113		96		(1	)	$	97	(15	)%	(14	)%
Other		32		34		—		$	34	6	%	6	%
Total News Corp Australia revenues	$	252	$	236	$	(2	)	$	238	(6	)%	(6	)%

	Q2 YTD Fiscal 2023		Q2 YTD Fiscal 2024		FX impact			Q2 YTD Fiscal 2024 constant currency		% Change - reported		% Change - constant currency
	($ in millions)									Better/(Worse)
Consolidated results:
Circulation and subscription	$	2,196	$	2,248	$	(4	)	$	2,252	2	%	3	%
Advertising		870		829		3			826	(5	)%	(5	)%
Consumer		979		1,029		13			1,016	5	%	4	%
Real estate		624		638		(11	)		649	2	%	4	%
Other		330		341		(2	)		343	3	%	4	%
Total revenues	$	4,999	$	5,085	$	(1	)	$	5,086	2	%	2	%

Digital Real Estate Services:
Circulation and subscription	$	6	$	5	$	—		$	5	(17	)%	(17	)%
Advertising		68		67		—		$	67	(1	)%	(1	)%
Real estate		624		638		(11	)	$	649	2	%	4	%
Other		109		112		(3	)	$	115	3	%	6	%
Total Digital Real Estate Services segment revenues	$	807	$	822	$	(14	)	$	836	2	%	4	%

REA Group revenues	$	492	$	553	$	(14	)	$	567	12	%	15	%

Subscription Video Services:
Circulation and subscription	$	830	$	819	$	(23	)	$	842	(1	)%	1	%
Advertising		111		113		(4	)	$	117	2	%	5	%
Other		23		24		—		$	24	4	%	4	%
Total Subscription Video Services segment revenues	$	964	$	956	$	(27	)	$	983	(1	)%	2	%

Dow Jones:
Circulation and subscription	$	831	$	877	$	7		$	870	6	%	5	%
Advertising		225		217		—		$	217	(4	)%	(4	)%
Other		22		27		—		$	27	23	%	23	%
Total Dow Jones segment revenues	$	1,078	$	1,121	$	7		$	1,114	4	%	3	%

Book Publishing:
Consumer		979		1,029		13		$	1,016	5	%	4	%
Other		39		46		—		$	46	18	%	18	%
Total Book Publishing segment revenues	$	1,018	$	1,075	$	13		$	1,062	6	%	4	%

	Q2 YTD Fiscal 2023		Q2 YTD Fiscal 2024		FX impact			Q2 YTD Fiscal 2024 constant currency		% Change - reported		% Change - constant currency
	($ in millions)									Better/(Worse)
News Media:
Circulation and subscription	$	529	$	547	$	12		$	535	3	%	1	%
Advertising		466		432		7		$	425	(7	)%	(9	)%
Other		137		132		1		$	131	(4	)%	(4	)%
Total News Media segment revenues	$	1,132	$	1,111	$	20		$	1,091	(2	)%	(4	)%

News UK
Circulation and subscription	$	263	$	285	$	18		$	267	8	%	2	%
Advertising		144		135		7		$	128	(6	)%	(11	)%
Other		52		47		3		$	44	(10	)%	(15	)%
Total News UK revenues	$	459	$	467	$	28		$	439	2	%	(4	)%

News Corp Australia
Circulation and subscription	$	219	$	213	$	(6	)	$	219	(3	)%	—	%
Advertising		217		189		(5	)	$	194	(13	)%	(11	)%
Other		71		72		(2	)	$	74	1	%	4	%
Total News Corp Australia revenues	$	507	$	474	$	(13	)	$	487	(7	)%	(4	)%

View source version on businesswire.com: https://www.businesswire.com/news/home/20240207253722/en/

Investor Relations

Michael Florin

212-416-3363

mflorin@newscorp.com

Anthony Rudolf

212-416-3040

arudolf@newscorp.com

Corporate Communications

Jim Kennedy

212-416-4064

jkennedy@newscorp.com

Source: News Corporation

FAQ

What were News Corporation's second quarter revenues?

News Corporation's second quarter revenues were $2.59 billion, a 3% increase from the prior year.

What was the net income for News Corporation in the second quarter?

The net income for News Corporation in the second quarter was $183 million, compared to $94 million in the prior year.

Which segments drove revenue growth for News Corporation?

The Digital Real Estate Services, Dow Jones, and Book Publishing segments drove revenue growth for News Corporation.

What was the increase in adjusted EPS for News Corporation?

The adjusted EPS for News Corporation increased to $0.26 from $0.14 in the prior year.

What was the percentage increase in Book Publishing segment EBITDA?

The Book Publishing segment EBITDA increased by 67%.

What was the percentage increase in REA Group's quarterly revenues?

REA Group posted record quarterly revenues of $292 million, a 22% increase compared to the prior year.

What was the percentage increase in Dow Jones' quarterly revenues?

Dow Jones achieved its highest quarterly revenues since its acquisition in 2007.

What was the total revenue increase for News Corporation compared to the prior year?

The total revenue for News Corporation increased by 3% compared to the prior year period.

News Corporation Reports Second Quarter Results for Fiscal 2024

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FAQ

What were News Corporation's second quarter revenues?

What was the net income for News Corporation in the second quarter?

Which segments drove revenue growth for News Corporation?

What was the increase in adjusted EPS for News Corporation?

What was the percentage increase in Book Publishing segment EBITDA?

What was the percentage increase in REA Group's quarterly revenues?

What was the percentage increase in Dow Jones' quarterly revenues?

What was the total revenue increase for News Corporation compared to the prior year?

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News Corporation Reports Second Quarter Results for Fiscal 2024

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FAQ

What were News Corporation's second quarter revenues?

What was the net income for News Corporation in the second quarter?

Which segments drove revenue growth for News Corporation?

What was the increase in adjusted EPS for News Corporation?

What was the percentage increase in Book Publishing segment EBITDA?

What was the percentage increase in REA Group's quarterly revenues?

What was the percentage increase in Dow Jones' quarterly revenues?

What was the total revenue increase for News Corporation compared to the prior year?

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