Why News Corp’s (ASX:NWS) shares are up over 10% today

2 min read | November 10, 2022 12:10 PM AEDT | By Ritwika

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Why News Corp’s (ASX:NWS) shares are up over 10% today — Image source: © Joreks | Megapixl.com

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Highlights:

Shares of News Corporation were trading over 10% higher on the ASX at 10:51 AM AEDT on Thursday.

On Wednesday, the media and entertainment company released its quarterly financial results.

Shares of media and entertainment company News Corporation (ASX:NWS) surged over 10% on Thursday (10 November), a day after it released the financial results from the quarter that ended on 30 September 2022.

Meanwhile, on Wednesday, the company’s share price had closed lower at AU$23.04.

Details of News Corporation’s September 2022 quarterly results

News Corporation’s revenue in the September quarter was AU$2.48 billion, down by 1% compared with AU$2.50 billion in the previous corresponding period.
The decrease in revenue was driven by an AU$153 million, or 6%, negative impact from foreign currency fluctuations and lower Book Publishing segment revenues. However, the company’s adjusted revenues increased by 3% in the given period.
The company’s net income in the September quarter stood at AU$66 million compared with AU$267 million in the previous year.
News Corporation’s total segment EBITDA in the same quarter was AU$350 million compared with AU$410 million in the previous corresponding period.
News Corporation generated earnings per share (EPS) of AU$0.07 compared with AU$0.33 in the prior year. The company’s adjusted EPS was AU$0.12 compared with AU$0.23 in the prior year.
The company reported in its quarterly results that REA Group’s residential business continued to benefit from price increases, a favourable depth penetration and product mix, and growth in national listings.

Robert Thomson, the Chief Executive of News Corporation, said:

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