Industry NewsTechnology

Digital real estate revenue now ‘core to character’ of News Corp

Realtor.com and REA Group are 'once again' biggest profitability drivers for media company in fiscal year Q1

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News Corp., the global company that owns and operates realtor.com through its subsidiary, Move Inc., reported $2.06 billion in revenue for the first quarter of fiscal year 2018, up from $1.97 billion the year prior, and net income of $87 million compared to nil in first quarter 2017. The digital real estate services segment of the business was "once again" the biggest contributor to the mass media company's profitability, according to News Corp CEO Robert Thomson. “In the first quarter, revenues and Segment EBITDA increased across every segment of our business, in particular, in digital real estate services, which have become core to our character and are on track for significant growth in coming quarters," said Thomson in the earnings announcement. Overall EBITDA (earnings before interest, taxes, depreciation and amortization) for News Corp's digital real estate services, which include realtor.com operator Move Inc. and Australia-based REA Group, was up 42 percent in the ...