News Corp. Beats Street's Earnings Forecast

By CNBC | CNBC – Wed, Nov 7, 2012 6:13 AM SGT

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SymbolPriceChange
NWSA33.11-0.11
NWS33.25-0.10

News Corp. reported quarterly earnings that beat analysts' expectations, and revenue that was in line with forecasts on Tuesday.

After the earnings announcement, the media company's shares (NWSA) inched slightly higher in extended-hours trading. (Click here to get the latest quotes for News Corp.)

The company controlled by CEO Rupert Murdoch said that net income came to $2.23 billion, or 94 cents per share, compared with $738 million, or 28 cents per share, a year ago.

Excluding a one-time gain from the sale of its stake in digital video technology company NDS, News Corp.'s fiscal first-quarter earnings excluding items rose to 43 cents per share from 32 cents a share in the year-earlier period.

Revenue increased 2 percent to $8.14 billion from $7.96 billion a year ago.

Analysts had expected the company to report earnings excluding items of 37 cents a share on $8.16 billion in revenue, according to a consensus estimate from Thomson Reuters.



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