The News Corporation, controlled by Rupert Murdoch, reported a steeper-than-expected 3 percent decline in revenue in the first quarter that it was split from Fox, its more profitable sibling entertainment business.

A steep drop in Australian newspapers took its toll on the company, which publishes The Wall Street Journal and The Times of London. News Corporation said net income attributable to common shareholders was $27 million for the quarter ended Sept. 30, the first of its fiscal year. That compared with a loss of $92 million in the same quarter last year.

Shares of the company fell more than 2 percent in after-hours trading on disappointment over the $2.07 billion revenue figure, which missed a Thomson Reuters forecast for $2.2 billion in revenue.

“The revenue was clearly weaker than expected,” said Doug Arthur, an analyst with Evercore Research.