News Corporation announced its third quarter financial result

News Corporation (ASX: NWS) provided a financial result for the third quarter ended March 31, 2023, which are as follows:

• The company reported total revenue of AU$2.45 billion, down by 2% compared to the previous corresponding period. The decline was mainly due to an AU$98 million, or 4%, negative impact from foreign currency fluctuations and lower revenues in the Digital Real Estate Services segment due to ongoing challenging housing market situations in the U.S. and Australia.
• Net income for the quarter was AU$59 million, a 43% decrease compared to AU$104 million in the prior year, mainly due to lower Total Segment EBITDA, higher depreciation and amortization expense, and higher losses from equity affiliates.
• Net cash from operating activities was reported at AU$670 million for the nine months ended March 31, 2023, which was AU$360 million lower than AU$1,030 million in the previous year, mainly due to lower Total Segment EBITDA and higher working capital, partially offset by lower restructuring and tax payments.

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