Q3 2024 News Corp Earnings Call Transcript
Key Points
- News Corp (NWS) reported a 53% increase in free cash flow in the first three quarters compared to the same period last year.
- Digital revenue now accounts for over half of total revenues, highlighting a successful digital transformation.
- Dow Jones' professional information business saw double-digit revenue growth and an increase in profit margin from 20.6% to 21.7%.
- Digital subscriptions at Dow Jones increased by 17% year-over-year, with significant growth in average daily digital subscriptions.
- REA Group's robust performance in Australia contributed to a 15% year-over-year revenue increase, reinforcing its position as the leading digital real estate platform in the country.
- Total revenues for Q3 were down 1% compared to the prior year, indicating some challenges in revenue growth.
- The U.S. housing market faced difficulties due to high mortgage rates, impacting News Corp (NWS)'s operations in the sector.
- Print advertising remains weak, with a continued decline despite a 4% rise in digital advertising.
- The Subscription Video Services segment saw a 5% decline in revenues compared to the previous year, with challenges in streaming revenue growth.
- News Media segment faced a 6% decline in revenues, with advertising revenue particularly weak across all markets.
Welcome to News Corp's Third Quarter Fiscal 2024 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)
At this time, I would like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead.
Thank you very much, Operator. Hello, everyone, and welcome to News Corp's Fiscal Third Quarter 2024 Earnings Call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com.
On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We will open with some prepared remarks, and then we'll be happy to take questions from the investment community.
This call may include certain forward-looking information with respect to News Corp's business and strategy. Actual results could differ materially from what is said. News Corp's Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause
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