May 4, 2010

News Corp. net profit down but beats expectations

Rupert Murdoch
Chairman and CEO of News Corporation Rupert Murdoch. Murdoch's News Corp. said Tuesday that quarterly net profit declined 69 percent but revenue rose by 19 percent and the results beat the expectations of Wall Street analysts.

Rupert Murdoch's News Corp. said Tuesday that quarterly net profit declined 69 percent but revenue rose by 19 percent and the results beat the expectations of Wall Street analysts.

News Corp. posted a of 839 million, or 32 cents per share, for the third quarter of its fiscal year compared with 2.7 billion dollars, or 1.04 dollars per share, a year ago.

. recorded a net gain of 1.2 billion dollars in the quarter a year ago on the partial sale of its ownership stake in television technology firm NDS and a 1.2-billion-dollar non-cash tax benefit.

News Corp. said third-quarter revenue increased by 19 percent over a year ago to 8.8 billion dollars.

"Today's earnings confirm that no content company is stronger than News Corporation at building both fiscal and operational momentum," Murdoch, News Corp.'s chairman and chief executive, said in a statement.

"Our global portfolio of sought-after content is ideally situated to benefit from the increase in consumer spending, advertising and access to new platforms we are seeing across our regions," he said.

(c) 2010 AFP

Citation: News Corp. net profit down but beats expectations (2010, May 4) retrieved 1 June 2023 from https://phys.org/news/2010-05-news-corp-net-profit.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

News Corp. posts flat third quarter
0 shares

Feedback to editors
Load comments (0)