Global media and publishing company News Corp (NASDAQ:NWSA) will be announcing earnings results tomorrow after the bell. Here’s what you need to know.
News Corp beat analysts’ revenue expectations by 3% last quarter, reporting revenues of $2.58 billion, up 5.9% year on year. It was a satisfactory quarter for the company, with a decent beat of analysts’ operating margin estimates.
Is News Corp a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting News Corp’s revenue to grow 3.3% year on year to $2.58 billion, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $0.17 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. News Corp has missed Wall Street’s revenue estimates four times over the last two years.
Looking at News Corp’s peers in the media segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Scholastic delivered year-on-year revenue growth of 3.8%, beating analysts’ expectations by 1.6%, and fuboTV reported revenues up 20.3%, topping estimates by 2.5%. Scholastic traded up 6% following the results while fuboTV was down 17%.
Read our full analysis of Scholastic’s results here and fuboTV’s results here.
There has been positive sentiment among investors in the media segment, with share prices up 3.3% on average over the last month. News Corp is up 8.9% during the same time and is heading into earnings with an average analyst price target of $23 (compared to the current share price of $28.22).
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