News Corp. reports solid digital real estate earnings despite Q1 losses

News Corp. — the parent company of real estate portal realtor.com’s operator, Move Inc. — reported declining year-over-year revenue in the first quarter of 2016 (the third quarter of News Corp.’s fiscal year).

Total company revenues of $1.9 billion were down from $2.0 billion last year. The company reported a loss of $149 million overall in the quarter.

What happened?
“The third quarter results were materially affected by a $280 million pre-tax charge at News America Marketing to resolve a legacy lawsuit and related claims, and continued currency headwinds, which impacted revenues by $72 million and EBITDA by $9 million,” said News Corp.’s CEO, Robert Thomson, in a statement. “We believe, however, that the company is on track to see improvements in the fourth quarter, with the …

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