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News Corp Cuts 1,250 Jobs as Earnings Miss Estimates

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Sig3.15Sen-6.25Env0.00Soc-4.05Gov-0.85

Rising inflation and higher interest rates are pressuring ad and marketing spending, hitting News Corp’s businesses. The company expects a 5% headcount reduction, cutting about 1,250 jobs this calendar year, after missing second-quarter earnings. Advertising revenue fell 10.6% to $464 million, adjusted EPS was 14 cents versus 19 cents expected, and revenue was $2.52 billion versus $2.55 billion.

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