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News Corp. reports solid digital real estate earnings despite Q1 losses

Realtor.com reported 1.5 billion pageviews in Q1 2016
  • Total company revenues of $1.9 billion were down from $2.0 billion last year.
  • News Corp. CEO reported "a record 1.5 billion views" on realtor.com in Q1, with minutes spent on the portal also increasing 30 percent year-over-year.

News Corp. -- the parent company of real estate portal realtor.com's operator, Move Inc. -- reported declining year-over-year revenue in the first quarter of 2016 (the third quarter of News Corp.'s fiscal year). Total company revenues of $1.9 billion were down from $2.0 billion last year. The company reported a loss of $149 million overall in the quarter. What happened? "The third quarter results were materially affected by a $280 million pre-tax charge at News America Marketing to resolve a legacy lawsuit and related claims, and continued currency headwinds, which impacted revenues by $72 million and EBITDA by $9 million," said News Corp.'s CEO, Robert Thomson, in a statement. "We believe, however, that the company is on track to see improvements in the fourth quarter, with the expansion of our digital real estate business, foreign currency comparisons hopefully beginning to ease, and cost saving initiatives taking firmer root. "Traffic and revenue growth remained robust ...

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