By: E&P Staff News Corp. reported after U.S. markets closed Wednesday that fiscal fourth-quarter adjusted operating income at its newspaper and information services segment plunged 36.5% to $96 million, principally on the deep advertising slump and a weakening of the Australian dollar.
Without giving specific figures, News Corp. said revenue at its Dow Jones & Co. unit fell from the year-ago quarter "due to lower advertising revenue at The Wall Street Journal and lower information services revenue that more than offset reduced operating expenses and increased circulation revenues, which were driven by price increases at The Wall Street Journal."
Fourth-quarter operating income of the British newspaper group fell on ad revenues that were down 18% in local currency terms. Higher marketing and production costs also depressed results, News Corp. said.
The Australian newspaper group reported fourth-quarter operating income fell 18% in local currency terms on weak display and classified advertising, especially in the employment and real estate sectors.
News Corp. reported an overall quarterly loss of $203 million, or 8 cents a share, on $680 million in impairment and restructuring charges mostly on its Fox Interactive Media unit.
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