News Corp. Reports 6% Q4 Revenue Growth to $2.58 Billion

News Corp. reported 6 percent year-over-year revenue growth of $2.58 billion for the fourth quarter of fiscal 2024, turning a net loss from 2023 into net income of $71 million, which the company attributed to growth in digital real estate services, book publishing and Dow Jones segments.

Here are the key results:

Net income: $71 million compared to a net loss of $32 million in Q4 2023.

Income: $2.58 billion, up 6% from $2.43 billion in 2023. Analysts at Zack’s Investment Research had estimated revenue at $2.53 billion.

Earnings per share: Adjusted earnings per share were 17 cents, compared with the Zacks analyst estimate of 15 cents.

Subscriptions: Subscriptions to the digital-only Dow Jones indices increased 16% year over year to more than 5.2 million.

In May, News Corp. signed a multi-year content licensing and product development agreement with OpenAI. Among News Corp.’s broad media profile, the publications covered by the partnership include The Wall Street Journal, Barron’s, The New York Post, MarketWatch, Investor’s Business Daily FN, The Times, The Sunday Times, The Sun, The Australian, The Daily Telegraph and several other Australian and British outlets.

“Our groundbreaking agreement with OpenAI is not only set to be lucrative, but will enable us to work closely with a trusted, distinguished partner to shape the future of professional journalism and provenance,” News Corp. CEO Robert Thomson said. “In the meantime, we have begun taking legal action against AI aggressors, the blatant aggregators who are predatory in confiscating our content. ‘Open source’ can never be an excuse for ‘open villainy.’”