News Corp. (NWSA) Q1 2023 Earnings Call Transcript
News Corp. (NASDAQ:NWSA) Q1 2023 Earnings Conference Call November 8, 2022 5:00 PM ET
Company Participants
Mike Florin - SVP & Head, IR
Robert Thomson - CEO
Susan Panuccio - CFO
Conference Call Participants
Kane Hannan - Goldman Sachs
David Karnovsky - JPMorgan
Darren Leung - Macquarie
Brian Han - Morningstar
Operator
Welcome to News Corp’s First Quarter Fiscal 2023 Earnings Conference Call. Today's conference is being recorded. Media will be allowed on a listen-only basis.
At this time, I would like to turn the conference over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead.
Mike Florin
Thank you very much, operator. Hello everyone and welcome to News Corp.'s fiscal first quarter 2023 earnings call. We issued our earnings press release about 30 minutes ago and it's now posted on our website at newscorp.com.
On the call today are Robert Thomson, Chief Executive; and Susan Panuccio, Chief Financial Officer. We'll open with some prepared remarks, and then we'll be happy to take questions from the investment community.
This call may include certain forward-looking information with respect to News Corp.'s business and strategy. Actual results could differ materially from what is said. News Corp.'s Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionary statements regarding forward-looking information.
Additionally, this call will include certain non-GAAP financial measurements such as Total Segment EBITDA, adjusted segment EBITDA and adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in our earnings release for the applicable periods posted on our website.
With that, I'll pass it over to Robert Thomson for some opening comments.
Robert Thomson
Thank you, Mike. While the macro environment is potently more volatile, we believe the resilient foundations of the reincarnated News Corp. give us a platform for sustained growth and increased profitability. That clearly is evident in our revenue performance this quarter. While revenues were down 1% to $2.5 billion, that decline was obviously a consequence of foreign currency fluctuations.
On an adjusted basis, our revenues grew a healthy 3%, building on the robust results from last year. Profitability for the quarter was $350 million down 15%. Although that reflects the Forex headwinds and a reset by Amazon of its book inventory levels and warehouse footprint. We view neither factors reflective of core business conditions or of our long term potential.