Rupert Murdoch's News Corp. reported fiscal first-quarter results Monday afternoon that were roughly in line with analyst estimates.
The company posted an adjusted loss of one cent per share on $1.97 billion in revenue. Analysts projected the global media company to report breakeven on $1.96 billion in revenue, according to a Thomson Reuters consensus estimate.
The stock climbed as much as 5 percent in extended trading.
Chief Executive Robert Thomson said the company has made "real progress" on its digital revenue streams. He said that print advertising challenges were partially offset by "higher digital revenues and disciplined cost initiatives."
News Corp.'s news and information services unit, which includes Dow Jones and The Wall Street Journal, brought in $1.24 billion in revenue during the quarter. Analysts expected the segment to bring in $1.23 billion in revenue, according to a StreetAccount consensus estimate.
"We continue to push digital, which accounted for 24% of segment revenues this quarter, up from 20% in the prior year," Thomson said in a statement. "While we invest in high quality, premium content, this will be balanced with ongoing cost initiatives, as is evident from Dow Jones' planned strategic reduction in spending and its focus on growing digital subscribers."
The segment has seen year-over-year declines in revenue in recent quarters. But last quarter, the segment saw year-over-year revenue growth of $13 million or nearly 1 percent.
The company said that the Journal's digital subscribers swelled to 967,000, up 18 percent year over year.
Thomson said during a conference call with analysts that the company is committed to quality content amid the "mayhem" in advertising.
News Corp. also said its book publishing, digital real estate and cable network programming businesses brought in $387 million, $211 million and $125 million in adjusted revenue, respectively. Those compare with analyst estimates for about $389.9 million, $212.8 million and $129 million, respectively, according to FactSet.
In October, Dow Jones announced that it would be reviewing its operations and looking to cut costs amid a "significant decline in print advertising." As part of that plan, the Journal announced it would be consolidating sections of the newspaper and laying off employees.
The Journal offered all employees in its news division the option to take buyouts, according to an internal memo obtained by CNBC. Editor-in-chief Gerard Baker said in the memo that the paper was "seeking a substantial number of employees" to take the buyouts.
Other publications of record have seen similar challenges. Last week, The New York Times reported that its operating profit declined 59 percent year over year. The Times cited "severance expense associated with workforce reductions as well as lower print advertising revenues and higher advertising and technology costs."