News Corp. surprised analysts with unexpected net positive earnings for the latest quarter.
The company raked in adjusted earnings of 4 cents per share, while analysts’ had expected just a break-even. Its revenue climbed +17% year-over-year to $2.46 billion, missing analysts’ estimates of $2.51 billion .
CEO Robert Thomson highlighted the growth in the media company’s digital subscriptions, surge in its digital audio book sales and expansion of the company’s digital real estate businesses as key factors behind the quarter’s strength.
News Corp. shares jumped almost +4% Friday.