(Reuters) -News Corp reported a 9% drop in fourth-quarter revenue on Thursday, hurt by weakness in its digital real estate services unit and lower corporate spending on advertisements amid high inflation.
High interest rates have been a drag on home buying in News Corp’s key markets in Australia and the United States, hurting its real estate information platforms, which display property listings.
Shares of the Rupert Murdoch-controlled company, which has been trimming costs to cope with an uncertain economic environment, were up 0.9% in trading after the bell.
The company, which owns Sunday Times and the Wall Street Journal, said it was already in active negotiations to establish a value for its content sets and IP “that will play a crucial role in the future of AI.”
Revenue in the fourth quarter ended June 30 was $2.43 billion.
(Reporting by Chavi Mehta in Bengaluru; Editing by Anil D’Silva)
