News Corp disappoints Wall Street

February 04th, 2008 | Category: Earnings Reports, After the bell

News Corporation (NYSE: NWS), Rupert Murdoch’s media empire, nowadays reported second-quarter profit that fell short of Wall Street expectation.

Net income was $832 million, or 27 cents per share, compared with $822 million, or 26 cents, a year earlier. Gains by MySpace along with higher fees by cable networks, including Fox News Channel, pushed up revenue by about 10% to $8.59 billion. Analysts expected earnings of 28 cents on revenue of $8.25 billion.

”We

are obviously proud of the results we delivered during the moment quarter, the highest operating income quarter in our history, but most critical is the balanced nature of our earnings momentum with double-digit growth at nearly every operating segment,” Murdoch said in the earnings press release.

Continue reading News Corp disappoints Wall Street

Original post by Jonathan Berr

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