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Communication Services : Media | Mid Cap Value
Company profile

News Corp is a media and information services company. The Company has businesses across a range of media, including news and information services, subscription video services in Australia, book publishing and digital real estate services. Its segments include News and Information Services, Subscription Video Services, Book Publishing and Digital Real Estate Services. The News and Information Services segment includes its global print, digital and broadcast radio media platforms. Subscription Video Services segment provides video sports, entertainment and news services to pay-tv subscribers and other commercial licensees. Book Publishing segment consists of HarperCollins, a consumer book publisher with operations in approximately 17 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. Digital Real Estate Services segment consists of the Company’s interest in REA Group and interest in Move.

Closing Price
$11.63
Day's Change
0.08 (0.69%)
Bid
--
Ask
--
B/A Size
--
Day's High
11.68
Day's Low
11.53
Volume
(Light)
Volume:
249,809

10-day average volume:
602,393
249,809

UPDATE: HPE shares drop on revenue miss, warning it no longer expects revenue to grow in fiscal 2020

8:13 am ET March 4, 2020 (MarketWatch)
Print

By Jon Swartz

Hewlett Packard Enterprise Co. shares fell more than 6% in after-hours trading Tuesday after the technology giant reported first-quarter revenue that did not meet Wall Street estimates and warned it no longer expects revenue to grow in fiscal 2020.

In a phone interview shortly after the results (https://www.businesswire.com/news/home/20200303005982/en/HPE-Reports-Q1-Results)were released, HPE Chief Financial Officer Tarek Robbiati highlighted gains in intelligent-edge computing (up 2% year-over-year to $720 million) and operating profit margin for its storage business (up to 18%). But he blamed a 16% year-over-year decline in compute revenue ($3 billion) and 9% decline in total revenue on "microenvironment" issues such as supply-chain disruption, and coronavirus.

"There are too many unknowns at this time to predict the impact on the second quarter," Robbiati said.

HPE (HPE), which provided more financial detail than usual for its business segments, said its storage business fell 8% to $1.25 billion.

Overall, the company reported net income of $333 million, or 25 cents a share, in the quarter, compared with net income of $177 million, or 13 cents a share, in the year-ago first quarter.

Revenue dipped nearly 9% to $6.95 billion, from $7.55 billion a year ago.

Analysts surveyed by FactSet had expected net income of 24 cents a share on sales of $7.21 billion.

The wobbly results could signal a "rough ride" for tech giants this year, Forrester analyst Glenn O'Donnell cautioned in an email to MarketWatch. "HPE, Dell, and Cisco (CSCO) need to continue to package their technology offerings as complete tech platforms," he wrote. "I believe the days of standalone servers and storage are in a point of low returns and slow decline."

The performance of HPE's server business continues to intrigue Wall Street. Barclays Capital Inc. analyst Tim Long expected server revenue to decline 5% to $3.2 billion year-over-year and be flat sequentially. "Given Dell's (DELL) weaker server revenue for Jan-Q and tough market demand, we see some downside risk to our estimate," Long wrote in a note Tuesday. "Near-term outlook may also be negatively impacted by Covid-19. That said, the server market in CY2020 seems to have a good chance of recovery back to a growth mode after a tough 2019."

HPE shares were down 3% in premarket trade Wednesday and are down 22% in the past year, while the broader S&P 500 index is up 7.6% over the past 12 months.

-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 04, 2020 08:13 ET (13:13 GMT)

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