News Corp has released its 2015 second quarter global results with the publishing giant reporting a moderate revenue increase, however it's Australian newspaper revenue is down.
The company reported second quarter total revenues of $2.28 billion compared to the previous year's corresponding quarter revenues of $2.24 billion, a 2% increase.
With the business reporting a total segment EBITDA of $328 million compared to $327 million in the previous year.
Australian newspaper revenues continued to decline with chief executive Robert Thomson saying in a statement: “Australian newspapers revenues declined 8% due to negative foreign currency fluctuations and modest advertising revenue declines.”
Strong sectors for the publisher included digital real estate services with revenues in the quarter increasing 50% or $51 million compared to the previous year. This growth is said to be due to the inclusion of the results of Move, operator of realtor.com, coupled with higher residential listing depth product penetration and higher pricing at REA Group Limited.
Thomson said: “The development of the new News Corp continued apace in the second quarter as we began the transformation of the just acquired realtor.com, which has certianly exceed our expectations in traffic growth in recent weeks. We were clearly buffeted by currency headwinds, but the strength of our brands, the breadth of our reach, the intensifying focus on cost discipline and the power of our portfolio meant that we saw continued growth in revenue and increasing upside in our long – term prospects.”
“Our digital personality has evolved quickly, with realtor.com having given us a new and influential platform, digital subscribers on the rise at our news mastheads, robust growth at REA, and healthy e-book sales at HarperCollins. The vision we outlined for the company is becoming a reality, and while we have much work ahead, the foundations we have laid over the past 18 months put us in a strong position for enduring success and increased shareholder value.”
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