(Reuters) – Media conglomerate News Corp on Thursday posted third-quarter revenue above Wall Street estimates, boosted by growing digital subscriptions across its professional data and news platforms.
Shares of the company rose 1.5% in the extended trading.
The company’s move to bolster its business data and analytics offerings with the acquisition of U.S. oil pricing agency Oil Price Information Service has added a big boost to its Dow Jones division at a time when media companies are struggling with a tough advertising market.
Subscription and circulation revenue rose 2.09% in the third quarter, as the company’s news outlets such as the Wall Street Journal and the Sunday Times added more subscribers
The company posted revenue of $2.45 billion, compared with analysts’ average estimate of $2.37 billion, according to Refinitiv IBES data.
(Reporting by Akshita Toshniwal and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta)
