News Corporation · NWS · FY2024 Q3 · Calendar Q2 2024

News Corp: Digital momentum offsets advertising and housing pressure

The supplied analysis supports a cautiously constructive view of News Corp's digital transition: recurring and subscription-oriented businesses appear to be carrying growth, while advertising, housing, traditional media, and streaming execution remain material tests.

Reported May 8, 2024After market closeNASDAQCommunication Services $18.19B market cap

100quality score

Earnings scorecard

Reported versus consensus

Reported EPS $0.11 Consensus $0.11

EPS surprise -2.5% Reported versus consensus

Reported revenue $2.42B Consensus $2.45B

Revenue surprise -1.3% Reported versus consensus

Market reaction

event-close to next-session close

Stock move +2.8% Event window

SPY move +0.6% Same window

Abnormal move +2.2% Stock minus SPY

Volume 1.8× Versus trailing sessions

Subsequent drift +8.4% Up to 20 sessions

NWSSPY benchmark

Ask FN2 about NWS FY2024 Q3

Transcript, numbers and history already loaded

Why did NWS rise 2.8% after missing EPS estimates in FY2024 Q3?What changed in NWS's guidance and outlook in FY2024 Q3?Give me the bull and bear case for NWS after FY2024 Q3 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Relative to the prior-quarter analysis, the call added emphasis on the Zillow rental partnership, the Integrity Check compliance product, APAC carbon-market reporting, and joint-printing efficiency efforts. The broader strategy remained focused on digital expansion, partnerships, and cost discipline.

Guidance delta

Maintained; no change to guidance sentiment was identified in the supplied analysis.

Key takeaways

Management emphasized continued digital growth across subscriptions, real estate services, and professional information.
REA pricing and listing activity, Dow Jones retention, audiobook distribution, and streaming demand were identified as growth drivers.
Free-cash-flow improvement, stable capital spending, and efficiency programs support the margin narrative.
Advertising weakness, housing-market sensitivity, and declining traditional media remain important offsets.

Management priorities

Expand digital subscriptions and bundled Dow Jones offerings.
Implement REA pricing increases and expand listings in Australia and India.
Scale the Zillow rental partnership and reinvest proceeds into realtor.com.
Drive adoption of Hubbl and continue building streaming products.
Pursue AI-enabled journalism and generative-AI applications alongside cost efficiencies.

Risks

A strong U.S. dollar and high mortgage rates may weigh on the U.S. housing business.
Advertising weakness and declining print circulation could pressure legacy operations.
Regulatory and legal uncertainty surrounds the NAR settlement and AI-related products.
Digital subscription growth could slow if macroeconomic conditions worsen.
Foxtel and Binge subscriber trends remain exposed to content availability and sports schedules.

Analyst concerns

How marketing and product-development spending are allocated within Move.
Demand and margin trends in Book Publishing and audiobooks.
The terms of the Google partnership and potential AI licensing.
Subscriber trends at Foxtel and Binge, including the effect of content disruptions.

Editorial confidence: high
Transcript analysis and prior-quarter analysis are available. · Guidance sentiment was maintained. · The page includes company context, reported-versus-consensus facts…

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Earnings History

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Analyst Consensus ?

ConsensusBuy33 ratings

Bullish2163.6%

Neutral927.3%

Bearish39.1%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

Firm	Rating	Prior rating	Action	Date
JP Morgan	Overweight	Overweight	Maintain	Aug 20, 2023
Guggenheim	Buy	Buy	Maintain	Aug 13, 2023
Loop Capital	Buy	Hold	Upgrade	Jan 24, 2023
Macquarie	Neutral	Outperform	Downgrade	Jul 27, 2022
UBS	Buy	Neutral	Upgrade	Jul 25, 2021
Credit Suisse	Outperform	Neutral	Upgrade	Aug 11, 2019
Goldman Sachs	Buy	Neutral	Upgrade	Oct 8, 2018
Morgan Stanley	Underweight	Equal Weight	Downgrade	Aug 19, 2018
Citigroup	Buy	Neutral	Upgrade	Jul 26, 2017
Rosenblatt	Buy	Buy	Maintain	Jul 14, 2017
CLSA	Outperform	Buy	Maintain	Nov 7, 2016
Bank of America	Underperform	Neutral	Downgrade	Oct 27, 2016
B of A Securities	Underperform	Neutral	Downgrade	Oct 27, 2016
Wells Fargo	Perform	Outperform	Downgrade	Nov 9, 2015
Jefferies	Buy	Buy	Maintain	Nov 6, 2014
S&P Capital IQ	Hold	Buy	Downgrade	Dec 16, 2013
FBR Capital	Perform	Market Perform	Maintain	Nov 5, 2013
Evercore Partners	Equal Weight	Equal Weight	Maintain	Oct 1, 2013
Deutsche Bank	Buy	Buy	Maintain	Jul 8, 2013
Lazard	Neutral	Neutral	Maintain	Jul 1, 2013
BTIG Research	Neutral	Buy	Downgrade	Jun 19, 2013
BTIG	Neutral	Buy	Downgrade	Jun 18, 2013
CIMB	Neutral	Neutral	Maintain	Jun 13, 2013
Wunderlich	Buy	Buy	Maintain	May 9, 2013
Wunderlich Securities	Buy	Buy	Maintain	May 8, 2013
Nomura	Buy	Buy	Maintain	Feb 6, 2013
Bernstein	Outperform	Market Perform	Upgrade	Jan 9, 2013
Canaccord Genuity	Buy	Buy	Maintain	Dec 18, 2012
Shaw Stockbroking	Buy	Hold	Upgrade	Nov 12, 2012
Barclays	Overweight	Overweight	Maintain	Oct 1, 2012
Wedbush	Outperform	Outperform	Maintain	Aug 8, 2012
Miller Tabak	Buy	Buy	Maintain	Jun 27, 2012
Needham	Buy	Hold	Upgrade	Jun 26, 2012

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Company context

Snapshot as of publication

News Corporation stands as a leading global enterprise in media and information services, dedicated to creating and distributing compelling, authoritative content, alongside a variety of products and services, for consumers and businesses worldwide. Its extensive operations are segmented into six core areas: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other. The company disseminates a rich array of content and data products, including renowned titles like The Wall Street Journal, Barron's, MarketWatch, and Factiva, through diverse mediums such as print newspapers, websites, mobile applications, proprietary databases, video, and podcasts.…

Historical context

All NWS earnings

+1.5%FY2026 Q3 · Calendar Q2 2026-6.4%FY2026 Q2 · Calendar Q1 2026+6.4%FY2026 Q1 · Calendar Q4 2025

Communication Services peers this season

Latest reports in the same sector

Company	Quarter	EPS surprise	Market move	Headline
RCI Rogers Communications Inc.	FY2026 Q3 · Calendar Q4 2026	+9.5%	-2.4%	Rogers Reaffirms 2026 Guidance as Capex Falls and MLSE Monetization Advances
OMC Omnicom Group Inc.	FY2026 Q3 · Calendar Q4 2026	+2.2%	+2.6%	Omnicom pairs resilient demand with AI and integration progress
SPOT Spotify Technology S.A.	FY2026 Q3 · Calendar Q4 2026	-11.6%	+11.1%	Spotify: resilient Q3 demand, with AI and audiobooks central to growth
CMCSA Comcast Corporation	FY2026 Q3 · Calendar Q4 2026	+8.5%	+3.4%	Comcast balances wireless and Peacock gains against Q4 costs

Latest beats and misses

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Sources

Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
Polygon adjusted daily market bars · 2026-10-25T01:10:41.110360+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated October 25, 2026 · As of 2026-10-25. For educational purposes only; not investment advice.