News Corp revenues down 4%

News Corp revenues down 4%

For the second quarter total revenues, News Corp saw a 4% decreased compared to the same time the previous year from $2.32 billion last year to $2.24 billion in 2014.

Australian newspapers revenues have seen a 17% slide, and total segment advertising revenues declined by 10%, attributed to the negative impact of foreign exchange and weaknesses in the Australian market.

“The earnings report demonstrates a measure of progress as we navigate a challenging advertising market,” Robert Thomson, chief executive, said, commenting on the results.

“We are continuing to be disciplined at all costs, while making opportunistic investments that will extend our revenue reach.”

It’s not all declines though as News Corp reported a 9% increase in the second quarter total segment EBITDA (earnings before interest, taxes, depreciation and amortization).

The increase to $327 million from $300 million the previous year has been attributed to a variety of different areas, including the consolidation of Fox Sports Australia and stronger performances in the digital real estate and book publishing segments.

The acquisition of social news agency Storyful and the growth in the digital sales at HarperCollins has Thomson believing the “digital transformation is certainly underway”.

“Digital subscriptions and website traffic are on the rise at most of our sites, and revenue at REA, the online real estate company, continues to expand encouragingly.”

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