* Q3 revenue up 4.6 pct, beats estimates
* Q3 adj profit $0.07/shr vs est $0.05/shr
(Adds details from conference call, background)
May 9 News Corp reported
better-than-expected quarterly revenue as the owner of the Dow
Jones Newswires and the Wall Street Journal saw an uptick in its
digital real estate business and growth in its advertising
Shares of the company, controlled by media mogul Rupert
Murdoch, were up 2.2 percent in extended trading on Tuesday.
While News Corp's earnings are still under pressure amid
print advertising declines, they have been stabilizing with
continued cost-cutting efforts and investments in the company's
digital businesses to boost margins.
Revenue in the company's news and information division,
which accounts for over 60 percent of total revenue, rose to
$1.26 billion as the transition to digital platforms pays off.
The company said digital subscribers accounted for 53
percent of total subscriptions for the Wall Street Journal, up
from 44 percent a year earlier.
The subscription numbers suggest that there is an appetite
for "premium news" and "thoughtful commentary", Chief Executive
Robert Thomson said on a call with analysts.
The Trump administration's combative view of traditional
news media as "fake news" is helping out newspapers, which are
struggling, to attract more digital readers and advertisers.
News Corp's advertising revenue rose 5.1 percent to $705
million. However, gains were partially offset by weakness in the
print advertising market.
The company said revenue in its high-growth digital
real-estate business jumped nearly 13 percent to $219 million.
The business includes REA Group Ltd, an Australian
company which advertises property and property-related services
on websites and mobile apps, and Move Inc, which operates
Realtor.com in the United States and other countries.
News Corp, which owns book publisher HarperCollins, said
revenue from its book publishing business rose 4.5 percent to
$374 million helped by strong sales of Margot Lee Shetterly's
Net loss available to shareholders narrowed to $5 million,
or 1 cent per share, in the third quarter ended March 31, from
$149 million, or 26 cents per share, a year earlier, when the
company took a charge of $280 million.
Excluding items, the company earned 7 cents per share,
beating the average analysts' estimates of 5 cents, according to
Thomson Reuters I/B/E/S.
News Corp also posted better-than-expected third quarter
revenue of $1.98 billion, up 4.6 percent from a year earlier.
Thomson Reuters , the parent of Reuters
News, competes with Dow Jones Newswires.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by