Shares of media company News Corp (ASX:NWS) saw a significant surge on the ASX, rising as much as 3.7% to A$32.99, their highest amount since February 17, 2022.
The rise comes as the company surpassed quarterly profit estimates with the aid of strategic cost-cutting initiatives, including a reduction in staff headcount.
Core earnings for the company grew by 8% to $341 million during the quarter.
Excluding particular items, the company raked in 14 cents per share, beating the estimated 8 cents per share as per Refinitiv data, marking the stock’s most substantial intraday percentage increase since May 15.
News Corp’s CEO, Robert Thomson, highlighted that the exploration of Artificial Intelligence presents a chance to initiate a new revenue stream with further cost-minimization.
As of the last close, News Corp’s stock on the ASX had risen 16.7% this year, compared to a 4.5% increase in the S&P/ASX 200 index.
News Corp (ASX:NWS) is a media and publishing organization that is known worldwide for its diverse portfolio of businesses.