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News Corp stock soars after New York Post owner's profits nearly double

Stocks in News Corp., which owns the New York Post, Wall Street Journal, HarperCollins and UK and Australian newsgroups, surged 6% on Tuesday. The company said its profits nearly doubled in the most recent fiscal year.

The media giant reported a significant increase in revenue from advertising over circulation and subscriptions in the fourth quarter, while other publishers and TV networks were on the cusp of a recession. We are beginning to report a slowdown in the advertising market out of concern.

In the fiscal year ended June 30, his revenue increased 11% to $10.39 billion. Pre-tax income increased to $812 million from his $450 million a year earlier.

During the fourth quarter, News Corp made a profit of his $110 million. The previous year's loss was he $14 million. This is associated with increased tax benefits. Revenue for the quarter increased 7.3% to $2.67 billion.

News Corporation stock recently rose 6% to $18.41.

"It's really unfair to overuse superlatives, but so many unprecedented records were made in the last quarter and full year that reflect all of News Corp. We believe it has created a platform for future performance and lasting returns, News Corp CEO Robert Thomson told investors.

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Business transformation and focused acquisitions will deliver increased revenue and healthy profits well into the future. I look forward to it," added Thomson.

Last February, the CEO touted the Post's first profit in the 'modern age' and said the paper was gaining momentum on Wednesday. rice field.

“The New York Post has published historic results. It is probably the first time that Alexander Hamilton has officially reported profits. We are on the road to increasing," said Thomson. “The Washington Post stands out for its courageous journalism that goes well beyond the mediocrity of the media.”

The Post's digital network will reach nearly 198 million unique users by June 2022.

Growing news media groups include The Post, as well as The Sun and The Times in the UK and Australian newspapers, with revenues increased 5.7% to $629 million.

Thomson saw Dow Jones, publisher of Journal, MarketWatch and Barron's, the fastest growing company, with revenues up 54% to $106 million and revenues up 26%. said it had reached $565 million.

According to the CEO, the unit's subscriber base reached 4.9 million this quarter.

News Corp's book publishing arm, HarperCollins Publishers, saw revenue grow 4.1% from his to $513 million. Executives saythe recent acquisition of Houghton Mifflin Harcourt Books and Mediahas already paid off as a unit containing a catalog of Lord of the Rings works. said author J.RR Tolkien, a 10% increase in revenue.

Revenue from the company's property services division rose 7.3% to $443 million, while revenue from its subscription video services division, which includes Australian pay-TV provider Foxtel, fell 3.3%. did. to $524 million.