Seems someone is making profit anyway.
Tuesday, August 05, 2008
News Corp. 4Q Profit Rises 27%
Rupert Murdoch?s News Corp. posted better-than-expected fiscal fourth-quarter results Tuesday afternoon as its profit jumped 27%.
News Corp. (NWS: 14.49, -0.76, -4.98%) earned $1.13 billion, or 43 cents per share, during the period. A year ago the company earned $890 million, or 28 cents per share. The media giant's revenue jumped 17% to $8.6 billion.
Analysts polled by Thomson Reuters had been expecting earnings of 34 cents per share on $8.56 billion in revenue. Shares of News Corp. rose in after-hours trading.
News Corp. is the parent of FOX Business.
The results were boosted by the sale of Fox Sports Bay Area and Gemstar-TV Guide International.
"Although we clearly face more challenging macro-economic conditions in fiscal ?09, we?re well positioned to deliver continued, if somewhat less robust growth," Murdoch, chairman and CEO of News Corp., said in a statement.
News Corp. enjoyed double-digit percentage income growth in all business segments except television, where income declined by 28% as ad revenue slid.
Filmed entertainment income more than doubled to $220 million from $106 million a year ago. The company said the quarter featured several successful home entertainment releases, including "Juno" and "27 Dresses."
Cable network programming profit increased by 10% from a year ago, helped by growth of 14% from Fox News Channel.
Despite the turmoil in the newspaper industry News Corp.?s newspapers and information services business saw a 17% jump in full-year earnings. The increase stemmed from revenue growth in Australia and the addition of Dow Jones, the publisher of The Wall Street Journal.
Tuesday, August 05, 2008
News Corp. 4Q Profit Rises 27%
Rupert Murdoch?s News Corp. posted better-than-expected fiscal fourth-quarter results Tuesday afternoon as its profit jumped 27%.
News Corp. (NWS: 14.49, -0.76, -4.98%) earned $1.13 billion, or 43 cents per share, during the period. A year ago the company earned $890 million, or 28 cents per share. The media giant's revenue jumped 17% to $8.6 billion.
Analysts polled by Thomson Reuters had been expecting earnings of 34 cents per share on $8.56 billion in revenue. Shares of News Corp. rose in after-hours trading.
News Corp. is the parent of FOX Business.
The results were boosted by the sale of Fox Sports Bay Area and Gemstar-TV Guide International.
"Although we clearly face more challenging macro-economic conditions in fiscal ?09, we?re well positioned to deliver continued, if somewhat less robust growth," Murdoch, chairman and CEO of News Corp., said in a statement.
News Corp. enjoyed double-digit percentage income growth in all business segments except television, where income declined by 28% as ad revenue slid.
Filmed entertainment income more than doubled to $220 million from $106 million a year ago. The company said the quarter featured several successful home entertainment releases, including "Juno" and "27 Dresses."
Cable network programming profit increased by 10% from a year ago, helped by growth of 14% from Fox News Channel.
Despite the turmoil in the newspaper industry News Corp.?s newspapers and information services business saw a 17% jump in full-year earnings. The increase stemmed from revenue growth in Australia and the addition of Dow Jones, the publisher of The Wall Street Journal.
