For the three months ended September 30, 2024, News Corporation reported total revenues of $2,577 million, reflecting a 3% increase from $2,499 million in the same period of 2023. This growth was driven by higher revenues across several segments, including Digital Real Estate Services, Book Publishing, Dow Jones, and Subscription Video Services. Notably, the Digital Real Estate Services segment saw a revenue increase of 13%, while the Dow Jones segment's revenues rose by 3%, attributed to higher professional information business revenues.

Net income for the quarter was $144 million, a significant increase of 148% compared to $58 million in the prior year. Net income attributable to News Corporation stockholders also rose sharply to $119 million from $30 million, resulting in earnings per share of $0.21, up from $0.05 in 2023. The company’s income before income tax expense was $204 million, up from $95 million in the previous year.

Comprehensive income for the quarter was reported at $295 million, a substantial recovery from a loss of $(73) million in the same period last year. The company’s total current assets increased to $4,506 million from $4,372 million as of June 30, 2024, while total assets rose to $16,927 million from $16,684 million.

Operating expenses decreased by $10 million, or 1%, primarily due to cost savings in the News Media segment, although this was partially offset by increased expenses in Subscription Video Services. Selling, general, and administrative expenses rose by 4%, largely due to higher costs in Digital Real Estate Services, including $12 million related to a withdrawn acquisition offer.

During the quarter, News Corporation recorded restructuring charges of $24 million, up from $17 million in the same period last year. The company also reported equity losses of affiliates at $3 million, compared to $2 million in the prior year.

In terms of cash flow, net cash provided by operating activities improved significantly to $64 million from a net cash used of $(55) million in 2023. The company’s cash and cash equivalents decreased to $1,778 million from $1,960 million as of June 30, 2024.

As of September 30, 2024, total borrowings stood at $2,900 million, slightly down from $2,909 million at the end of June 2024. The company remains in compliance with all covenants related to its borrowings.

In August 2024, the Board of Directors declared a semi-annual cash dividend of $0.10 per share, which was paid on October 9, 2024. The company also repurchased 1.3 million shares of its common stock for a total consideration of $38 million during the quarter.