News Corp, the parent company of Move’s realtor.com and Australia-based REA Group, reported Thursday that its revenue grew to $ 2.63 billion during its second quarter 2019 earnings (which cover the final three months of 2018), representing a 21 percent year-over-year increase.
Revenue from the company’s digital real estate services also grew by 7 percent during that period, hitting $ 311 million. That growth outpaced a number of News Corp’s other businesses, including book publishing, which only grew by 6 percent, and news, which shrank by 3 percent.
Overall, News Corp reported earnings per share of $ 0.16, which met — but did not exceed — analyst expectations.
News Corp stock fell by nearly 2 percent Thursday leading up to the earnings report. The company’s stock price slightly fluctuated in after hours trading following the earnings report, but was still down for the day.
News Corp’s real estate services have recently been an increasingly important part of the company’s business.
Last quarter, News Corp’s reported that its real estate services grew 8 percent year-over-year, rising from $ 271 million during July, August and September of 2017 to $ 293 million during that same period in 2018. That helped buoy the company’s overall revenues by 23 percent year over year.
News Corp CEO Robert Thomson also said last quarter that digital real estate services were the company’s “fastest revenue growth segment.”
Revenue at Move — which News Corp acquired more than four years ago and which operates realtor.com was up 10 percent last quarter compared to a year prior.
One quarter prior to that, the company reported that revenue from its digital real estate services had grown 19 percent year-over-year.