News posted by www.newsinfoline.com
News Corp posted better-than-expected quarterly profits on Tuesday due to continued improvement in the advertising market and a strong performance at its cable networks and its Avatar blockbuster.The company's shares were up 3 percent in after-market trading.Fiscal third quarter net income was $839 million, or 32 cents a share, compared with $2.7 billion a year earlier when it had $2.4 billion in gains and tax benefits on its partial sale of technology company NDS Group.Revenue grew 19 percent to $8.8 billion.Analysts had on average been expecting profit of 23 cents on revenue of $8.2 billion according to Thomson Reuters I/B/E/S.The media conglomerate, which is controlled by Rupert Murdoch, is home to Fox broadcast and cable networks, Twentieth Century Fox movie studios and newspapers, including Wall Street Journal and The Sun in the UK.News Corp's quarter was led by its cable networks unit, where operating income rose 38 percent to $588 million thanks to strong performances from Fox News and its regional sports networks among others.It was also boosted by the continuing success of the 3-D blockbuster Avatar, which is already the biggest movie of all time. Operating income at the filmed entertainment unit jumped 76 percent to $497 million.Costs cuts and an advertising bounce back at the Wall Street Journal and newspapers in the UK also drove newspaper operating profits up to $131 million, a rise of $102 million.(Reporting by Yinka Adegoke; editing by Andre Grenon)
News posted by www.newsinfoline.com
Click here to read more news from www.newsinfoline.com
Please follow our blogs
newsinfolinephotogallery
prabugallery
newsinfolinephotogallery1
photogallery1
No comments:
Post a Comment