(Reuters) -News Corp on Thursday beat Wall Street estimates for third-quarter revenue on cost-cut measures and strong digital subscriptions across its professional data and news platforms, sending the media conglomerate's shares up 5% after the bell.
The company's acquisition of U.S. oil pricing agency Oil Price Information Service in 2021 to bolster its business data and analytics offerings has boosted its revenue at a time when media companies are struggling with a tough advertising market.
Its string of cost-cut measures also helped the company to combat the impact of inflation and interest rate hikes on the business.
The company said it expects to achieve at least $160 million in annualized savings from its previously announced 5% reduction in workforce, or about 1,250 employees. It had earlier forecast annual savings of at least $130 million from the move.
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 and Shinjini Ganguli)
