Sector: Communication Services|Industry: Entertainment|Market Cap: $15.72B|Employees: 23.9K
News Corporation is a global diversified media company focused on creating and distributing content through digital real estate services, subscription video, news, and book publishing. The company's market position is supported by recognizable brands such as The Wall Street Journal and HarperCollins. News Corp operates primarily in the U.S., Australia, and the U.K.
Total revenues increased by 3% to $2.586 billion for the three months ended December 31, 2023. This growth was primarily driven by the Digital Real Estate Services and Book Publishing segments, indicating strength in these areas.
Net income increased by 95% to $183 million for the three months ended December 31, 2023, compared to $94 million in the prior year. This increase was primarily driven by higher Total Segment EBITDA, higher Other, net, and lower losses from equity affiliates.
The effective tax rate was higher than the U.S. statutory tax rate due to foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses. This could impact future profitability.