News Corp Reports Loss in Fiscal Fourth Quarter

In the fiscal fourth quarter, News Corp, the New York-based media company, reported a loss of $8 million, or 1 cent per share. This is in contrast to a profit of $110 million, or 19 cents per share, in the same period a year ago. Analysts had expected per-share earnings of 6 cents.

After adjusting for certain one-time items, the adjusted per-share earnings were 14 cents, surpassing analysts' forecast of 9 cents.

However, the company experienced a decline in revenue, which dropped by 9% to $2.43 billion, falling short of the expected $2.49 billion.

News Corp attributed its fourth-quarter loss to factors such as a tax benefit in the year-ago quarter, higher non-cash write downs, and increased impairment and restructuring charges.

On a positive note, News Corp's Dow Jones unit achieved its highest quarterly and yearly profitability since being acquired by the company.

News Corp serves as the parent company for Dow Jones & Co., which publishes renowned media outlets like The Wall Street Journal and Dow Jones Newswires.