News Corp, the parent company of Move’s and Australia-based REA Group, reported Wednesday that its revenue grew to $2.52 billion, a 23 percent increase year-over-year.

News Corp, the parent company of Move’s and Australia-based REA Group, reported Wednesday that its revenue grew to $2.52 billion during the first fiscal quarter of 2019, a 23 percent increase year-over-year .

Robert Thomson. Credit: News Corp

News Corp’s digital real estate services made up a significant portion of the company’s success, with CEO Robert Thomson saying on an earnings call that those services were the “fastest revenue growth segment.”

Revenue from all of News Corp’s digital real estate services grew 8 percent year-over-year, rising from $271 million during July, August and September of 2017 to $293 million during that same period in 2018.

At Move — which operates and which News Corp acquired four years ago — total revenue was up 10 percent during the quarter compared to a year ago. The increase was primarily the result of a 19 percent growth in Move’s real estate revenues, News Corp reported. also saw more web traffic during the first quarter of fiscal 2019. The site averaged 60 million unique visitors per month during that period, which represents a 9 percent increase year-over-year. More than half of those visitors accessed the site via a mobile device.

News Corp’s real estate enterprises have played a growing role in the company’s recent business. During the final quarter of fiscal 2018, digital real estate services grew 19 percent year-over-year, which helped News Corp. overall achieve 11 percent year-over-year revenue growth.

One quarter prior to that, digital real estate services grew 27 percent year-over-year.

During Wednesday’s conference call, Thomson touted News Corp’s recent acquisition of Opcity, a real estate lead generation technology platform, calling it “an important strategic step forward.” Thomson said that integrating Opcity into Move and would be the company’s priority over the next year, adding that “we believe there really is an opportunity in being able to provide leads to realtors.”

“Essentially we believe that realtors should have a choice between quantity leads and quality leads,” Thomson continued, “and they should be appropriately priced.”

Thomson also said the company is conducting experiments and “constantly trying to improve the experience” of engaging with News Corp’s real estate services. News Corp’s real estate businesses are also “not interested in house flipping,” Thomson said.

Susan Panuccio, News Corp’s CFO, added during the call that will “be managing the conversion of leads coming in to Opcity.”

Revenue at Rea Group, an online real estate advertising company based in Melbourne, Australia, also rose 8 percent year-over-year.

News Corp is perhaps best known in the U.S. as the company behind The Wall Street Journal, but operates a number of other publishing, video and web-based businesses in multiple countries as well. It’s net income for the first quarter of fiscal 2019 was $128 million, a 47% increase compared to the prior year.

News Corp saw “strong paid digital subscriber growth” at its various newspapers, which helped increase revenue by 1 percent among the company’s news and information businesses, according to an earnings report.

News Corp also reported earnings per share of $0.17, up from $0.12 a year ago. That surpassed analyst estimates which had expected a mere $0.04 per share. News Corp stock rose in after hours trading following the earnings report.

Email Jim Dalrymple II

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription