Revenue at News Corp fell 2% to $8.12bn in the 2017 financial year, a loss of $817m, which the company said was due to a drop in the value of its newspapers in the UK and Australia. The company’s shares were down by more than 3% on Monday morning after it reported that revenue for the year had fallen 8% from 2016. In contrast, revenues from News Corp's digital news and information arm rose 3%.
Revenue at News Corp fell 2% to $8.12bn in the 2017 financial year, a loss of $817m, which the company said was due to a drop in the value of its newspapers in the UK and Australia. The media company, owned by Rupert Murdoch, said it had reduced the values of The Australian, The Daily Telegraph and The Herald Sun titles by 40%, while its Australian media arm plans to continue a $40m cost-cutting programme into 2018. In contrast, revenues from News Corp's digital news and information arm rose 3%.