Rupert Murdoch’s News Corp (NWS) Earnings Nearly Double, Earnings Soar

Rupert Murdoch’s News Corporation nearly doubled its net income and increased revenue by 11%, posting record profits.

Net income for fiscal 2022 was $760 million ($1.1 billion), nearly double the previous year. Revenue for fiscal 2022 was $10.4 billion. News Corporation CEO Robert Thomson said the company set an important record for the fiscal year.

“Our origins and principles will survive at News Corporation, but our business has changed fundamentally. , creating a powerful platform for even greater growth,” he said.

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

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Holding a majority stake in Foxtel, Daily Telegraph, Australia When Herald SunFoxtel’s streaming revenue offset the decline in broadcasting.

“Both revenue and profitability increased significantly on an adjusted basis, although currency fluctuations resulted in a slight decrease this year,” Thomson said.

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