News Corp posts record revenues
News Corp posted record revenues on Monday, as it released its fourth quarter and full year results for fiscal 2022. Full year revenues stood at US$10.4bn (up 11% on the previous year), with net income at $760m (up 95% on the previous year).
Fourth quarter revenues were $2.7 billion (up 7% on the previous year), while net income for the period was $127 million, a substantial improvement from a net loss of $(15) million during the company’s Q4 2021 fiscal.
“The News Media segment was the single largest contributor to the enhanced profit picture this fiscal year,” said Chief Executive Robert Thomson, “with profitability expanding to $217 million from $52 million, bolstered by growth in digital advertising revenues and record digital subscriber numbers.”
“Foxtel’s renaissance continued, as streaming revenues from Kayo and BINGE offset broadcast declines during the year. While down slightly for the year due to currency fluctuations, both revenue and profitability were markedly higher on an adjusted basis.”
“Our provenance and principles endure at News Corporation but the business has been fundamentally transformed – we are vastly more profitable and have created a potent platform for even greater growth, to the benefit of all our investors and other stakeholders.”
It’s a set of results that shows strong growth in both advertising and subscriptions products, with some of the highlights including:
- Digital Real Estate Services revenues for the fiscal year grew 25% despite facing tough prior year comparisons, with 37% and 11% revenue growth at REA Group and Move, respectively.
- Dow Jones achieved its highest full year revenues and Segment EBITDA since its acquisition, driven by strategic acquisitions, continued growth in digital-only subscriptions, record advertising revenues and robust growth in Risk & Compliance products.
- News Media’s Segment EBITDA improved to $217 million from $52 million in the prior year, helped by growth in digital advertising revenues, and was the biggest contributor to Total Segment EBITDA growth for the fiscal year.
- At the Subscription Video Services segment, Foxtel saw its streaming revenues from Kayo and BINGE offset broadcast declines during the year, while achieving over 2.8 million total streaming subscribers as of year-end.
- Book Publishing revenues grew 10% in the fiscal year, driven by the acquisition of the HMH Books and Media segment and continued strong consumer spending, which remains above pre- pandemic levels.
You can read the full News Corporation media release here.