News Corp's (NWSA.O) revenue fell for the fourth quarter in a row, hurt by a stronger dollar and dwindling advertising revenue in its core news and information services business, which includes Dow Jones and the Wall Street Journal.
The company, which is controlled by media mogul Rupert Murdoch, said total revenue fell 4.3 percent to $2.16 billion in the second quarter ended Dec. 31.
Analysts on average were expecting revenue of $2.13 billion, according to Thomson Reuters I/B/E/S.
Revenue at News Corp's news and information services unit declined 8.1 percent to $1.40 billion. The unit, which accounted about 65 percent of total revenue, also owns the New York Post and The Sun.
Newspaper and magazine publishers have been under unabated pressure to offset a decline in print advertising dollars by shoring up their digital business to attract advertisers and by boosting subscriptions.
News Corp's segment advertising revenue fell 12 percent in the latest quarter. The company's total revenue also took a $141 million hit due to foreign currency fluctuations.
Net income available to shareholders fell 56 percent to $62 million, or 11 cents per share.
Excluding items, its earned 21 cents per share, missing analysts' estimates of 20 cents.
(Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)
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Published Date: Feb 05, 2016 03:30 AM | Updated Date: Feb 05, 2016 03:30 AM