News Corp's (ASX:NWS) FY24 Success and New Ventures Propel Share Price Upward

2 min read | August 14, 2024 04:34 PM AEST | By Team Kalkine Media

Google News:

News Corp's (ASX:NWS) FY24 Success and New Ventures Propel Share Price Upward — Image source: SteafPong88

Recent News

ASX ETFs Watch Income And Gold Take Centre Stage

Why Are ASX 200 ETF Funds Pulling Record Money In This June?

Could Rising Power Demand Outshine Oil Weakness For ASX 200 Energy Sto...

Can Firming Capacity Spark The Next ASX Energy Move?

Make Kalkine Media
My Trusted Source

News Corp (ASX:NWS) shares have been on a steady upward trajectory following the media giant's robust FY24 results announcement last week. As of today, News Corp's shares are trading at AU$43.39, reflecting a nearly 6% increase over the past week.

The company's positive performance was detailed in their recently filed Appendix 4E, which is equivalent to the US 10-K form used for annual earnings reporting. For FY24, News Corp reported impressive financial metrics, underscoring its successful year. Key highlights include a 2% year-on-year increase in full-year revenue, reaching AU$10.09 billion. Net income surged by 89% to AU$354 million, showcasing a substantial boost from the previous year. Additionally, total Segment EBITDA rose by 8% to AU$1.54 billion, and the company declared a dividend of 10 cents per share, payable on September 11.

The company's performance has been driven by significant growth across major segments such as Digital Real Estate Services, Book Publishing, and Dow Jones. These areas have been crucial in propelling the impressive net profit increase.

Moreover, News Corp's strategic maneuvers in FY24 are setting the stage for future growth. The company has forged a multi-year global partnership with OpenAI aimed at advancing professional journalism. Management anticipates this collaboration will be highly lucrative, further strengthening News Corp's position in the media industry.

In addition to its partnership with OpenAI, News Corp is exploring the potential sale of its Foxtel business following interest from third parties. This strategic review and potential divestment could reshape the company's portfolio and unlock further value.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.