News Corp's net profits plummet as newspaper ad revenues, circulations fall
May 6 , 2015
The Rupert Murdoch-owned News Corp has posted a 52% fall in net profits to $23 million for the third quarter compared with the same period in 2014.
The poor showing by the firm, which owns prestigious newspapers such as The Wall Street Journal and The Times, is being attributed to falling ad revenues and circulations for its print publications.
Revenues in the three months ending March 31 were also down by 1% to $2.06 billion.
Chief executive Robert Thomson, however, said that the good performance of Realtor.com, News Corp’s property listing business, showed that the firm was a “global leader” in the digital real estate space.