News Corp’s advertising revenue falls over 50% in fourth quarter, as company posts US$1.5bn loss

August 7, 2020 11:26

The decline in advertising revenue at News Corp in the March to June quarter was stark, down 51.6% to US$332m, the company’s financial results have revealed. For the financial year, advertising revenue at News Corp fell 19.9% to US$2.193bn.

Overall, the company posted a US$401m loss for the quarter, after a US$42m loss in the corresponding quarter last year. For the full financial year, the loss amounted to US$1.545bn, down from a profit last year of US$228m.

The amount of money generated from News Corp’s news media segment also fell from US$830m to US$490m in the final quarter of the 2020 financial year. For the full financial year, revenues for the segment were down 18% to US$2.801bn.

CEO Robert Thomson conceded it had been a difficult year, involving cost-cutting, changes to publications, and hundreds of redundancies.

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Vivienne Kelly

Vivienne Kelly was previously the editor of Mumbrella from 2016 to August 2020.

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