News Corp beats revenue estimates on strong online subscriptions

(Reuters) – News Corp beat analysts’ estimates for quarterly revenue on Thursday, as higher online subscriptions during the coronavirus crisis partially offset weaker advertising revenue.

Total revenue dropped 22% to $1.92 billion in the fourth quarter ended June 30, but beat the estimate of $1.85 billion, according to IBES data from Refinitiv.

The Wall Street Journal owner said net loss attributable to stockholders was $397 million, or 67 cents per share, compared with a loss of $51 million, or 9 cents per share, a year earlier.

(Reporting by Nilanjana Basu and Ayanti Bera in Bengaluru; Editing by Devika Syamnath)