News Corp profit declines despite continued increase in ad revenue, digital subs

News Corp reported declines in quarterly revenue and profit despite growth in digital subscriptions and ad revenue (+0.25%) led by Dow Jones.

Q3 revenues totaled $2.48bn, a 1% year-on-year decrease or 3% increase when adjusting for currency changes. Total Ebitda (profit) shrunk 15% year-on-year to $350m. Advertising revenue grew marginally to $406m, while Dow Jones grew revenues and profit 16% and 19%, respectively.

Across other news media properties, ad revenue decreased 4%, partly due to currency fluctuations and lower print advertising at News UK.

Digital ad revenue grew, particularly at The Sun, though profit fell 47% amid decreased revenues and increased costs for TalkTV and digital investments.