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Shares of the company fell 2.5% in after-market trading.
Total revenue decreased 1% to $2.48 billion in the quarter ended
Sept. 30, while analysts were expecting $2.50 billion, according
to Refinitiv data. On adjusted basis, revenue grew 3%.
News Corp said loss from foreign exchange and lower book sales
as a result of Amazon.com Inc reconfiguring its inventory and
warehouse footprint dragged the topline, even as inflationary
pressure increased costs.
"Turning to the upcoming quarter. We continue to expect higher
costs due to supply chain and inflationary pressures.
Advertising conditions and mix and visibility remains limited
across the businesses," Chief Financial Officer Susan Lee
Panuccio said in the analysts' call.
Business at the company was boosted by growth in its Dow Jones
unit, which earns primarily from subscription sales, while all
other units reported a drop in revenue.
Sales at Dow Jones unit grew 16% to $515 million in the reported
quarter. Overall revenue from advertising grew to $406 million,
a $1 million jump from a year-ago period.
Net income, however, slumped 75% to $66 million. On an adjusted
basis, News Corp reported earnings per share of 12 cents,
missing analysts' estimate of 15 cents.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh
Kuber and Sherry Jacob-Phillips)
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