The company said revenue for the 3 months ended March 31, 2024 decreased $24 million (1%), and revenue for the 9 months increased $62 million (1%). It cited lower advertising revenue at the News Media segment, among other factors, for the 3-month decline.

10-QQuarterly reportFiled May 9, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said revenue for the 3 months ended March 31, 2024 decreased $24 million (1%), and revenue for the 9 months increased $62 million (1%). It cited lower advertising revenue at the News Media segment, among other factors, for the 3-month decline.
News Corp said net income for the 3 months ended March 31, 2024 was $42 million ($59 million in the prior-year period), and net income for the 9 months was $283 million ($219 million in the prior-year period). For the 3 months, income tax expense was $22 million on pre-tax income of $64 million.
The company said operating cash flow for the 9 months rose $174 million from a year earlier. Free cash flow was $491 million ($320 million a year earlier), and free cash flow available to News Corporation was $378 million ($258 million a year earlier).
News Corp said that as of March 31, 2024, it had cash and cash equivalents of $1.9 billion and total borrowings of $2.9 billion, including current portion of long-term borrowings and including the Foxtel Debt Group and REA Debt Group. The remaining authorization under its share repurchase program ($1 billion limit) is approximately $495 million.

Key figures

Quarter ended March 31, 2024

Revenue: $2.4B
Net income: $30M
EPS: $0.05

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Revenue for March 31, 2024 over 3 and 9 months

The company said revenue for the 3 months ended March 31, 2024 decreased $24 million (1%), and revenue for the 9 months increased $62 million (1%). It cited lower advertising revenue at the News Media segment, among other factors, for the 3-month decline.

Source · Based on the MD&A text of the filing

Net income and income tax expense

News Corp said net income for the 3 months ended March 31, 2024 was $42 million ($59 million in the prior-year period), and net income for the 9 months was $283 million ($219 million in the prior-year period). For the 3 months, income tax expense was $22 million on pre-tax income of $64 million.

Source · Based on the MD&A text of the filing

Operating and free cash flow for 9 months

The company said operating cash flow for the 9 months rose $174 million from a year earlier. Free cash flow was $491 million ($320 million a year earlier), and free cash flow available to News Corporation was $378 million ($258 million a year earlier).

Source · Based on the MD&A text of the filing

Cash, borrowings and share repurchases

News Corp said that as of March 31, 2024, it had cash and cash equivalents of $1.9 billion and total borrowings of $2.9 billion, including current portion of long-term borrowings and including the Foxtel Debt Group and REA Debt Group. The remaining authorization under its share repurchase program ($1 billion limit) is approximately $495 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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