News Corp's ASX shares at 1-1/2-year high on quarterly profit beat

News

11/08/2023 03:59

** ASX-listed shares of News Corp  NWSA.O  rise as much as 
3.7% to A$32.99, their highest level since Feb 17, 2022
    ** The media co beats quarterly profit estimates, helped by
cost-cutting efforts like headcount reduction
    ** Says core earnings rose 8% to $341 million in qtr
    ** Co earned 14 cents per share, excluding items, vs
estimate of 8 cents per share, according to Refinitiv data
    ** Stock posts its biggest intraday pct gain since May 15
    ** Adds that exploration of AI presents "opportunity to
create a new stream of revenue" with further cost-cutting,
according to CEO Robert Thomson
    ** ASX stock up 16.7% this year, as of last close, compared
with a 4.5% rise in S&P/ASX 200 index  .AXJO  

    

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))