​News Corp reports Q4 EPS beat while revenues slightly miss expectations

News Corp (NASDAQ:) reported its , with EPS of $0.14 coming in better than the consensus estimate of $0.09. Revenue fell 9% year-over-year to $2.43 billion, missing the consensus estimate of $2.48B.

This drop in revenues was mainly due to lower book sales impacting the Book Publishing segment and challenging housing markets affecting the Digital Real Estate Services segment in the U.S. and Australia. Higher revenues in the Subscription Video Services segment partially offset the decline.

“News Corp’s Fiscal 2023 results highlighted the durability and depth of our revenue streams and the impact of stringent cost controls as we navigated challenging macro conditions, supply chain pressures and currency headwinds. We achieved full year Fiscal 2023 revenues of $9.9 billion and profits of over $1.4 billion – the second highest profitability ever recorded by the Company,” said Chief Executive Robert Thomson.