News Corp’s second quarter results landed slightly above Wall Street’s expectations for both revenue and non-GAAP profit, but sales were essentially flat compared to last year, and the market response was muted. Management attributed performance to continued margin discipline, cost control, and targeted growth in its core pillars: Dow Jones, Digital Real Estate Services, and Book Publishing. CEO Robert Thomson highlighted ongoing investments in the Professional Information business at Dow Jones, strong digital subscription growth, and higher contributions from new business adjacencies at realtor.com as key drivers for the quarter. CFO Lavanya Chandrashekar pointed to improved profitability and operational streamlining, especially following the Foxtel divestiture, as supporting the company’s results.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From News Corp’s Q2 Earnings Call

• David Karnovsky (JPMorgan): Asked about the decision to accelerate share repurchases and the use of Foxtel proceeds. CEO Robert Thomson reiterated the buyback pace will increase due to improved free cash flow and portfolio simplification, while CFO Lavanya Chandrashekar emphasized the company’s conservative balance sheet and financial flexibility.
• Kane Hannan (Goldman Sachs): Inquired about realtor.com’s strategy around new revenue adjacencies. Thomson highlighted ongoing investment in rentals, new homes, and seller services, and Chandrashekar discussed the integration of the Zenlist acquisition to enhance agent-customer interaction.
• Entcho Raykovski (Evans & Partners): Questioned whether Dow Jones’ recent growth can be sustained and the role of B2B services. Thomson pointed to continued momentum in Professional Information, while Chandrashekar noted margin expansion is supported by this segment’s higher profitability.
• Alan Gould (Loop Capital): Asked about the impact of AI on publishing and content licensing. Thomson said News Corp is negotiating with AI companies for IP licensing and is prepared to litigate if necessary, emphasizing that content remains valuable for AI applications.
• David Joyce (Seaport Research): Queried the drivers of The Wall Street Journal’s subscription growth. Thomson attributed it to unique content, while Chandrashekar credited a new LSEG partnership for higher-margin, lower-churn digital subscribers.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team is monitoring (1) the pace of digital and B2B revenue growth at Dow Jones and its ability to sustain margin expansion, (2) any signs of stabilization or recovery in U.S. housing that could lift realtor.com’s results, and (3) progress on integrating acquisitions such as Zenlist and Crunchyroll’s Manga business. The effectiveness of the accelerated buyback program and ongoing developments in content licensing for AI are also key areas to watch.

News Corp currently trades at $28.82, down from $29.25 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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