The publishing company, which owns The Times and Sun newspapers in the UK, missed earnings expectations for the latest quarter. Robert Thomson, chief executive of News Corp, said: “Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses. It is the latest publisher to cut roles after UK rival Reach, which owns the Mirror and Express titles, revealed plans to cut 200 roles last month. The slump was attributed to negative currency changes, as well as lower book sales revenues and weakness in its real estate services business. It recorded net income of 94 million dollars (£77.7 million) for the quarter, compared with 262 million dollars (£216.7 million), in the same period the previous year.

Source: The Times February 10, 2023 16:59 UTC