Media group News Corp with slump in sales and loss
The media group News Corp suffered a decline in sales and was in the red in the quarter to the end of June.
Revenues fell by 22 percent to 1.92 billion dollars, as the company announced. However, News Corp performed better than analysts had expected.
Advertising revenue fell during the coronavirus pandemic, but subscription figures rose, for example by 15 percent for the Wall Street Journal. The bottom line was a loss of 397 million dollars, which was due to write-downs in Australia and the UK as well as restructuring costs. In the previous year, the Group had reported a loss of 51 million dollars. (SDA)
