(Boursier.com) — NewsCorp said last night that it plans to cut its workforce by 5% this year amid tough economic times as the media company reported lower quarterly revenue. 1,250 jobs should therefore be eliminated in 2023. For its second fiscal quarter ending at the end of December 2022, the media conglomerate revealed revenues of 2.52 billion dollars, against a consensus of 2.55 billion. Adjusted earnings per share were 14 cents, versus 19 cents consensus. Advertising revenue fell 10.6% to 464 million. Net profit collapsed to $94 million from $262 million a year earlier. “A spike in interest rates and acute inflation have had a tangible impact on all of our businesses,” said Chief Executive Robert Thomson. The total revenues of Rupert Murdoch’s group thus fell by 7.2%.
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