News Corporation Q2 revenues $2.48 billionChristian Fernsby ▼ | February 10, 2020
News Corporation reported financial results for the second quarter ended December 31, 2019.
News Corporation The decline reflects a $50 million, or 2%, negative impact
Topics: News Corporation
The decline reflects a $50 million, or 2%, negative impact from foreign currency fluctuations.
The rest of the decline primarily reflects the difficult prior year comparison at the Book Publishing segment, lower subscription revenues at Foxtel, lower print related advertising revenues at the News and Information Services segment and continued pressure at REA Group due to challenges in the Australian housing market.
The declines were partially offset by continued growth in circulation and subscription revenues at the News and Information Services segment.
Adjusted Revenues which exclude the foreign currency impact, acquisitions and divestitures declined 4%.
Net income for the quarter was $103 million, a 13% decline compared to $119 million in the prior year, primarily reflecting lower Total Segment EBITDA, as discussed below.
The Company reported second quarter Total Segment EBITDA of $355 million, a 4% decline compared to $370 million in the prior year, primarily reflecting lower revenues, as discussed above, and a $10 million, or 3%, negative impact from foreign currency fluctuations.
Adjusted Total Segment EBITDA decreased 3%. ■