(Reuters) – News Corp (NASDAQ:) on Tuesday reported first-quarter revenue that fell slightly short of Wall Street estimates, with subscription sales partially offsetting weakness in advertising revenue.
Total revenue came in at $2.48 billion in the quarter ended Sept. 30, compared to analysts’ estimate of $2.50 billion, according to Refinitiv data.
Shares of the company were up 2% in after market trading.
Business at the media conglomerate was boosted by growth in its Dow Jones unit, which earns primarily from subscription sales, offsetting weakness in the advertising market which has affected media and Internet firms across the board.
Revenue at the Dow Jones grew 16% to $515 million in the first quarter. All other units reported a drop in revenue.
Net income, however, declined 75% to $66 million.
Story Credit: investing.com