News Corp revealed its fiscal results for the second quarter of 2018, per a new report.
The company showed a 3% increase in revenue at $2.18 billion, up from $2.12 billion the year before. News Corp’s net loss also improved, with a deficit of $66 million compared to $219 million the prior year.
Among areas showing the strongest revenue are the News and Information Services segments, of which digital revenue made up 29% of profits. The Wall Street Journal saw a 29% increase in its digital-only subscribers, taking that total number to approximately 1.4 million. Digital subscriber growth was also strong at the companies other mastheads.
According to the report, The Wall Street Journal counts digital subscribers as 60% of its subscription base, and the UK's The Sun recorded more than 90 million unique views internationally during the second quarter.
Last month, Rubert Murdoch issued a statement calling out Google and social media platforms like Facebook, suggesting the companies pay a carriage fee to trusted outlets, like The Wall Street Journal, in exchange for content run on their platforms.
News Corp CEO Robert Thomson echoed this sentiment in his statements about the fiscal results.
“The big tech disruptors are in the midst of a particularly disruptive period, commercially, socially and politically. We appreciate that Google has ended the prejudicial First Click Free and that Facebook is prioritizing provenance, but these are modest steps toward changing a digital environment that is dysfunctional at its core,” he stated.
“It is certainly in the interests of our shareholders that there be a reorientation towards quality and integrity, and that readers and platforms are encouraged to pay for professional journalism.”
Thomson suggested the company’s returns would be higher “in a less chaotic, less debased digital environment.”