The company’s quarterly earnings call beats analysts’ expectations despite a fall in total revenue from the previous quarter and a net loss of $379m
News Corp, owner of the Wall Street Journal and the Times, reported a better-than-expected quarterly results as strong growth in its digital real estate services and book publishing business partially offset the weakness in its print business.
Shares of the company, controlled by Rupert Murdoch, rose about 4% in extended trading.
News Corp, whose revenue is largely dependent on its newspaper holdings in the United States, Australia and Great Britain, has been diversifying its business.
The company has benefited from strong growth in its digital real estate websites, which include US site Move Inc and its stake in Australian REA Group.
The company had said realtor.com, controlled by Move, surpassed Trulia in the first quarter to become the second most popular real estate listings website in the United States.
The company is also carrying out a major reorganization at its Dow Jones news publishing unit that involves job cuts and a shift to digital media.
Book publishing revenue rose 8% to $390m in the fourth quarter, while revenue from digital real estate services rose 67% to $189m.
Total revenue fell to $2.14bn from $2.19bn.
Net loss available to the company’s stockholders was $379m, or 65 cents per share, in the quarter ended 30 June, compared with a profit of $12m, or 2 cents per share, a year earlier.
Excluding items, the company earned 7 cents per share.
The company recorded an impairment charge of $371m related to its digital education business in the quarter.
Total impairment and restructuring charges were $424m, compared with $21m a year earlier.
Analysts on average expected the company to earn 5 cents per share on revenue of $2.19bn, according to Thomson Reuters.