News Corp reported a 30% increase in revenue for the June quarter, fueled by gains in its digital real-estate, book-publishing and Dow Jones units.
The New York-based media company, whose holdings include The Wall Street Journal and the HarperCollins publishing division, narrowed its net loss to $14 million, or 2 cents a share, from the year-earlier $397 million, or 67 cents a share. Revenue grew to $2.49 billion from $1.92 billion.
The company’s news-media businesses showed strong growth in advertising sales, as the easing of the pandemic led marketers to increase their spending.
Revenue at the Dow Jones unit increased 18% to $449 million, driven by gains in advertising revenue and circulation and subscription revenue, as well as the company’s acquisition of Investor’s Business Daily. Advertising revenue increased 45%, with strong performance in both the digital and print businesses.
The company said digital-only subscriptions to Dow Jones’s consumer products grew 26%. The Wall Street Journal had more than 2.7 million average digital-only subscribers in the quarter, compared with 2.63 million in the March quarter. Total average subscriptions to Dow Jones consumer products reached about 4.5 million, the company said.