News Corp sees modest revenue decline

News Corp, the publisher of The Times and the Sun has reported a modest decline in revenues for the period ending 30 September 2013.

Releasing financial reports on Monday, the company’s net income was $38 million (£23.77 million), compared to a net loss of $83 million the previous year. However, revenue declined 3% to $2.07 billion, from $2.13 billion.

The results are slightly lower than forecast by analysts, largely due to a decline in advertising.

News Corp, which was split into two different companies earlier in the year, now operates with its highly profitable entertainment business as a separate entity from its less profitable publishing business.

The entertainment business, which includes 21st Century Fox, saw profits reach $1.3 billion last week.

“Our first quarter as the new News was the beginning of a journey in the digital development of the company,” said chief executive Robert Thomson.

“We have been consistently cost conscious and are transforming our publishing operations longer-term into multi-platform businesses. We are vigorously pursuing a strategy to improve our revenue prospects and we look forward to updating all in future quarters.”

Source: News Corp.