News Corp fourth quarter revenue drops 22%

Chris Pash
By Chris Pash | 7 August 2020

Global media group News Corp reported a 22% drop to $US1.92 billion in revenue for the fourth quarter, mainly driven by the economic fallout from the pandemic.

The result was higher than analyst forecasts.

The company says the decline reflects an estimated 13% negative impact related to the coronavirus pandemic and 7% due to the sale of News America Marketing.

For the full year, News reported revenue of $US9.01 billion, an 11% fall compared to the previous year.

The fall was partially offset by growth in circulation and subscription revenues at Dow Jones, the owner of the Wall Street Journal.

The net loss for the full year was $US1.55 billion.

CEO Robert Thomson the company has taken stringent action to reduce costs.

"The closure in Australia of many of our storied print editions and the renewed emphasis on digital was evidence of our willingness to be decisive at a historic inflection point," he says. 

 The numbers by segment:

news corp full year 2020

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