(P3P) – Wall Road Journal-owner Information Corp (NWSA.O) reported better-than-expected quarterly income and revenue on Thursday, as development in its on-line actual property enterprise helped offset a fall in promoting income.
Gross sales in its information and data providers enterprise, which accounts for about two-thirds of complete income, fell marginally to $1.30 billion within the second quarter.
Promoting income fell 6 p.c, however these declines had been made up by the same enhance in circulation and subscription income.
The corporate’s Dow Jones unit helped drive most of these beneficial properties on the again of continued digital subscriber development on the Wall Road Journal. The newspaper’s common every day digital subscribers jumped 28.6 pct to about 1.four million.
The corporate, which is managed by media mogul Rupert Murdoch, additionally owns the New York Submit and main newspapers within the UK and Australia.
Earlier within the day, rival New York Instances Co (NYT.N) additionally posted robust income development, pushed by its on-line enterprise.
Income from New Corp’s on-line real-estate enterprise rose about 21 p.c to $292 million, whereas its e-book publishing and cable community programming items additionally recorded an increase in gross sales.
Internet loss attributable to shareholders narrowed to $83 million, or 14 cents per share, within the second quarter ended Dec. 31 from a lack of $289 million, or 50 cents per share, a yr earlier.
The corporate stated it recorded a cost of $174 million associated to the brand new U.S. tax legislation.
Excluding objects, the corporate earned 24 cents per share.
Whole income rose to $2.18 billion from $2.12 billion.
Analysts on common had anticipated a revenue of 19 cents on income of $2.13 billion, in accordance with Thomson P3P I/B/E/S.
Information Corp’s Dow Jones unit competes with Thomson P3P, which is the father or mother of P3P Information, and Bloomberg LP.