How did NWS outperform forecasts in Q4 2024?

News Corporation (NWS) outperformed forecasts in Q4 2024 primarily due to strong performances in its Digital Real Estate Services, Book Publishing, and Dow Jones segments, which contributed to a 6% year-over-year increase in total revenues, reaching $2.6 billion. Here's a detailed analysis:

1. Digital Real Estate Services: REA Group experienced substantial growth in its Australian residential market, which significantly boosted revenues.
2. Book Publishing: The Book Publishing segment saw rising revenue, particularly from digital audiobooks, which grew at a rate that outpaced e-book sales for the first time.
3. Dow Jones: The Dow Jones segment continued to perform well, contributing to the overall revenue growth.
4. Cost Savings: Operating expenses decreased, primarily due to cost savings initiatives at the News Media segment, which helped to improve net income.

These segments' strong performances, coupled with effective cost management, enabled News Corporation to surpass market expectations and achieve record first-quarter revenues, net income, and profitability.