Why is the News Corp (ASX:NWS) share price rocketing 12%?

News Corporation (ASX: NWS) shares are rocketing higher in early morning trade. This comes after the global media and information services company released its financial results for the three months ending 31 December (Q2 FY2021). At the time of writing, the News Corp share price has surged 12.02% to $28.15.

What was announced?

The News Corp share price is on a tear this morning despite the company reporting total revenue for Q2 FY2021 of $2.41 billion — a 3% decline from FY2020 Q2 revenue. News Corp said lower revenue at its News Media segment was mostly responsible for the decline. This included a 1% negative impact in its Australian market after the company closed a number of community newspapers, some of which transitioned…