(Corrects to say expenses fell to $1.15 bln, not $1.14 bln, in paragraph 6, and total revenue rose 4.7 pct, not 4.5 pct, in paragraph 10)
Increased competition from digital media and a declining readership is driving print advertising down. Spending on print advertising in the U.S. is expected to fall 14 percent this year to about $18 billion, a third of what it was 10 years ago, according to media research firm Magna Intelligence. (http://bit.ly/2zJsXdP)
Major publishers have not been immune to eroding print ad sales. New York Times Co reported a 20.1 percent decline in print ad revenue in the latest quarter, while Chicago Tribune Media owner Tronc Inc posted an 18 percent fall.
News Corp, controlled by media mogul Rupert Murdoch, has been implementing various cost-cutting measures like reducing staff in its Dow Jones division, which includes the Journal, while boosting its digital real estate business to improve margins.
Operating expenses fell to $1.15 billion from $1.16 billion.
Net income available to shareholders was $68 million, or 12 cents per share, in the first quarter ended Sept. 30, compared with a loss of $15 million, or 3 cents per share, a year earlier.
On an adjusted basis, the company earned 7 cents per share, beating the average analysts' estimate of a profit of 1 cent, according to Thomson Reuters I/B/E/S.
Total revenue rose 4.7 percent to $2.06 billion, beating analysts' estimate of $1.98 billion.
(Reporting by Pushkala Aripaka and Divya Grover in Bengaluru; Editing by Shounak Dasgupta)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)