News Corp. said that its revenues in its most recent quarter fell 5% to $2.08 billion, reflecting foreign currency fluctuations and continued sluggish advertising revenues as its newspapers.
The company said that its third-quarter net income fell to $48 million, or 8 cents a share, from $323 million, or 56 cents a share a year ago. Excluding one-time gains from the prior year, adjusted net income was 11 cents a share in the most recent quarter, compared to 13 cents a share a year earlier.
The company said that the decline in news publishing was offset by improvements in the book division. Revenues increased by $14% to $354 million, driven by the popularity of the “Divergent” series and an improvement in e-book revenues. The company recently announced the acquisition of romance publisher Harlequin Enterprises from Torstar Corp. The company also saw a gain in revenue in its digital real estate services, rising 19% to $102 million.
The news and information services division was hit by a 10% decline in total segment advertising revenues, and circulation and subscription revenues fell 5%. Revenue in the division fell 9% to $1.5 billion.
The company’s fiscal third quarter ended on March 31.