News Corp profits nearly double, revenue jumps

Rupert Murdoch’s News Corporation has posted its highest earnings result on record, nearly doubling its net income and increasing revenue by 11 per cent.

Net income for the fiscal year 2022 was $US760 million ($1.1 billion), almost double the previous year. Revenue for fiscal year 2022 was $US10.4 billion. News Corporation chief executive Robert Thomson said the company had set significant records in the financial year.

“Our provenance and principles endure at News Corporation but the business has been fundamentally transformed – we are vastly more profitable and have created a potent platform for even greater growth, to the benefit of all our investors and other stakeholders,” he said.

News Corp revealed in May that subscribers to its standalone streaming services in Australia – Binge, Kayo Sports and Flash – had surpassed subscribers to Foxtel-branded products, for the first time.

The company, which holds a majority stake in Foxtel and is the publisher of The Australian, The Daily Telegraph and The Herald Sun, said Foxtel’s streaming revenues offset broadcast declines.

“While down slightly for the year due to currency fluctuations, both revenue and profitability were markedly higher on an adjusted basis,” Thomson said.

More to come