News Corp earnings top expectations

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IOL pic feb7 news corp

Associated Press

The News Corporation building in New York. File picture: Kathy Willens

New York -

News Corp, the publishing company controlled by Rupert Murdoch, reported second-quarter earnings that exceeded Wall Street forecasts while revenue declined as expected, reflecting slower advertising sales.

Net income in the three months through December 31 amounted to $150 million, or 26 cents per share. That was less than the $1.4 billion in profit the company reported a year earlier, when it recorded a $1.3 billion gain from its acquisition of Australian pay TV company Consolidated Media Holdings.

Excluding charges for restructuring, a UK hacking probe and other matters, adjusted earnings were 31 cents per share, beating the 21 cents expected by analysts polled by FactSet.

Revenue fell 4 percent to $2.24 billion, in line with expectations.

Shares of the New York company rose 4.5 percent to $16.74 in after-hours trading. - Sapa-AP


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