News Corp (NASDAQ:NWS) announced its Q4 financial results, posting earnings per share (EPS) of $0.14, surpassing the projected consensus of $0.09. However, the company experienced a 9% decline in revenue compared to the previous year, reaching $2.43 billion, which fell short of the Street estimate of $2.48 billion.
The decrease in revenues was primarily attributed to reduced book sales impacting the Book Publishing segment and challenging conditions in the housing markets affecting the Digital Real Estate Services segment in both the United States and Australia. On a positive note, the Subscription Video Services segment observed higher revenues, mitigating the overall decline.
Robert Thomson, the Chief Executive highlighted the resilience of the company’s revenue streams and the effectiveness of strict cost management in navigating a complex landscape of macroeconomic factors, supply chain challenges, and currency fluctuations. The company achieved total revenues of $9.9 billion and profits exceeding $1.4 billion for the full 2023 year, marking the second-highest level of profitability ever recorded by News Corp.