News Corp reported an 11% increase to a record $US10.39 billion in full year revenue, with strong growth in digital subscriptions and digital advertising.
Profit was also a record. Net income for the year to June was $760 million, a 95% lift from the $389 million of the prior year.
CEO Robert Thomson said: “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.”
The company reported fourth quarter revenue of $2.67 billion, a 7% increase, and ahead of analyst expectations.
At News Corp Australia, revenue increased 9% for the full year and 6% in the June quarter.
Closing digital subscribers at News Corp Australia were 964,000 (882,000 for news mastheads) at the end of June, compared to 859,000 (810,000 for news mastheads) in the prior year.
Foxtel saw its revenue from streaming platforms Kayo and BINGE offset broadcast declines during the year, while recording more than 2.8 million total streaming subscribers.
Full year revenue at Foxtel fell $46 million, or 2%, to $2.026 billion, due to a $61 million, or 3%, negative impact from foreign currency fluctuations.
Foxtel Group streaming subscription revenues represented about 20% of total circulation and subscription revenues in the year compared to 14% in the prior year. Adjusted revenue increased 1% compared to the prior year.
Foxtel’s total closing paid subscribers were 4.4 million, a 13% increase.
News Corp's Full year and June quarter numbers:
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