NOTE 22. QUARTERLY DATA (UNAUDITED)

For convenience purposes, all references to September 30, 2016 and September 30, 2015 refer to the three months ended October 2, 2016 and September 27, 2015, respectively. All references to December 31, 2016 and December 31, 2015 refer to the three months ended January 1, 2017 and December 27, 2015, respectively. All references to March 31, 2017 and March 31, 2016 refer to the three months ended April 2, 2017 and March 27, 2016, respectively.


	For the three months ended
	September 30,			December 31,			March 31,			June 30,
	(in millions, except per share amounts)
Fiscal 2017
Revenues	$	1,965		$	2,116		$	1,978		$	2,080
Loss from continuing operations attributable to News Corporation stockholders^(a)		(15	)		(289	)		(5	)		(429	)
Income from discontinued operations, net of tax^(b)		—			—			—			—
Net loss attributable to News Corporation stockholders		(15	)		(289	)		(5	)		(429	)
Loss from continuing operations available to News Corporation stockholders per share—basic and diluted	$	(0.03	)	$	(0.50	)	$	(0.01	)	$	(0.74	)
Income from discontinued operations available to News Corporation stockholders per share—basic and diluted		—			—			—			—

Loss available to News Corporation stockholders per share—basic and diluted	$	(0.03	)	$	(0.50	)	$	(0.01	)	$	(0.74	)


Fiscal 2016
Revenues	$	2,014		$	2,161		$	1,891		$	2,226
Income (loss) from continuing operations attributable to News Corporation stockholders^(a)		129			87			(147	)		95
Income (loss) from discontinued operations, net of tax^(b)		46			(24	)		(2	)		(5	)
Net income (loss) attributable to News Corporation stockholders		175			63			(149	)		90
Income (loss) from continuing operations available to News Corporation stockholders per share—basic and diluted	$	0.22		$	0.15		$	(0.26	)	$	0.16
Income (loss) from discontinued operations available to News Corporation stockholders per share—basic and diluted		0.08			(0.04	)		—			(0.01	)

Income (loss) available to News Corporation stockholders per share—basic and diluted	$	0.30		$	0.11		$	(0.26	)	$	0.15

^(a)	Income (loss) from continuing operations includes the impact of the following items:

•

During the second quarter of fiscal 2017, the Company recognized a non-cash impairment charge of approximately $310 million primarily related to the write-down of fixed assets at the Australian newspapers. (See Note 7—Property, Plant and Equipment). The Company also recognized a $227 million non-cash write-down of the carrying value of its investment in Foxtel to fair value. (See Note 6—Investments).

During the second quarter of fiscal 2017, REA Group sold its European business which resulted in a pre-tax gain of $120 million. The gain was partially offset in the third quarter of fiscal 2017 by $13 million related to the impact of foreign currency fluctuations on the receipt of the sales proceeds, which were received in February 2017, and certain other currency translation impacts. (See Note 3—Acquisitions, Disposals and other Transactions). (See Note 7—Property, Plant and Equipment).

•

During the fourth quarter of fiscal 2017, the Company recognized approximately $464 million in impairment charges, primarily related to the write-down of fixed assets at the U.K. newspapers. (See Note 7—Property, Plant and Equipment).

•

The $106 million tax benefit recognized during the first quarter of fiscal 2016 related to the release of previously established valuation allowances related to certain U.S. federal net operating losses and state deferred tax assets. (See Note 18—Income Taxes).

•

In the third quarter of fiscal 2016, the Company recognized one-time costs of approximately $280 million in connection with the settlement of certain litigation and related claims at News America Marketing. (See Note 15—Commitments and Contingencies).

•

In the fourth quarter of fiscal 2016, the Company recognized a gain of $122 million in connection with the settlement of litigation with Zillow, which reflects settlement proceeds received from Zillow of $130 million, less $8 million paid to NAR. (See Note 15—Commitments and Contingencies).

^(b)	Income (loss) from discontinued operations includes the impact of the following items:

•

In the first quarter of fiscal 2016, the Company recognized a pre-tax non-cash impairment charge of $76 million reflecting a write down of the digital education business to its fair value less costs to sell. Additionally, during the first quarter of fiscal 2016, the Company recognized a tax benefit of $144 million upon reclassification of the Digital Education segment to discontinued operations. (See Note 4—Discontinued Operations and Note 18—Income Taxes).