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News Corp has most profitable first quarter since 2013

News Corp has had the most profitable first-quarter revenue since 2013, with revenue up 18% year-on-year at $2.5bn and net profit up to $267m from $47m.

News Corp has most profitable first quarter since 2013

Chief Executive Robert Thomson said: “I am pleased to report that the first quarter of Fiscal 2022 was the most profitable of its kind since the re-launch of News Corp in 2013, building on the trends evident in the last financial year.”

He added, “Revenues for the quarter were $2.5 billion, an increase of 18 percent, while our profitability rose by a hefty 53 percent. Dow Jones achieved stronger profitability than any first quarter in its 140-year history.”

The group, owned by the Murdoch family, also said subscriber numbers at their news outlets, The Times and Sunday Times, stood at 380,000 as of the end of September, up from 342,000 a year ago, but international monthly individual users at The Sun slipped to 133m in September from 140m a year ago.

Referring to News Corp’s interest in economic intelligence, Thomson said: “We look forward to completing the acquisition of OPIS, which will enhance our fast-growing professional information business.

Thomson added, “Recent events have highlighted the importance of intelligence about energy and carbon markets, and we fully expect to emerge as a world leader in that area.”

As for their book-publishing business, Thomson said that “HarperCollins is thriving, driven by strong sales and the successful integration of HMH.”

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