News Corp Class B (NASDAQ:NWS) stock rose 6.42% (As on May 12, 11:03:28 AM UTC-4, Source: Google Finance) after the company beat Wall Street estimates for third-quarter profit, helped by a string of cost-cut measures and strong subscription growth across its professional data and news platforms. News Corp said it expects to achieve at least $160 million in annualized savings from its previously announced 5% reduction in workforce, or about 1,250 employees. It had earlier forecast at least $130 million in annual savings from the move. Subscription and circulation revenue rose 2.09% in the third quarter ended March 31, as the company’s news outlets such as the Wall Street Journal and the Sunday Times added more subscribers. At the Dow Jones segment, revenues from its professional information business grew 38% from the prior year, reflecting the OPIS and CMA acquisitions and continued double-digit revenue growth at Risk and Compliance. Total subscriptions to its consumer products crossed 5.1 million. Foxtel Group exceeded 3 million total streaming subscribers and achieved the lowest broadcast churn since Fiscal 2016. Advertising trends at the News Media segment improved sequentially, as advertising revenues for the quarter declined 5% but increased 2% on a constant currency basis from the prior year. Net income in the quarter was $59 million compared to $104 million in the prior year. Total Segment EBITDA in the quarter was $320 million compared to $358 million in the prior year

NWS in the third quarter of FY 23 has reported the adjusted earnings per share of 9 cents, beating the analysts’ estimates for the adjusted earnings per share of 5 cents, according to Refinitiv IBES data. The company had reported 2 percent fall in the adjusted revenue to $2.45 billion in the third quarter of FY 23, beating the analysts’ estimates for revenue of $2.37 billion. The decline was primarily due to a $98 million, or 4%, negative impact from foreign currency fluctuations and lower revenues at the Digital Real Estate Services segment due to continued challenging housing market conditions in the U.S. and Australia. The decline was partially offset by higher Dow Jones segment revenues, which includes the acquisitions of OPIS and Chemical Market Analytics (“CMA”), and higher revenues at the News Media and Subscription Video Services segments on a constant currency basis.

At a time when most media companies are struggling with a tough advertising market, News Corp’s revenue got a boost from its 2021 acquisition of U.S. oil pricing agency Oil Price Information Service to bolster its data and analytics offerings. Cost-cut measures helped the company combat the impact of inflation and interest rate hikes on the business.