News Corp stock slides on fiscal 1Q results; CEO wants generative AI companies to pay up for content
Published: 18:11 09 Nov 2023 EST
News Corporation (NASDAQ:NWSA) stock fell 0.4% in extended trading Thursday despite beating Street expectations with its fiscal first-quarter results.
The media conglomerate posted revenue of $2.50 billion, just above Street estimates of $2.49 billion. Adjusted earnings per share were $0.16, topping estimates of $0.12.
News Corp (NASDAQ:NWS) also said it is having advanced discussions on the use of its content for generative artificial intelligence (AI).
CEO Robert Thomson has called on generative AI companies to pay to use News Corp (NASDAQ:NWS) content, which includes the Wall Street Journal, The Sun and others, to train their large language models.
"We are actively working to make the most of our premium content for AI and are engaged in advanced discussions that we expect to bring significant revenue to the company," Thomson said in a statement.
Revenue at Dow Jones, which owns WSJ, increased 4% to $537 million, helped by a 14% bump in professional data services.
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