News Corp. profit drops; results top Wall Street
NEW YORK (AP) — News Corp.’s net income fell in its fiscal third quarter. But results beat Wall Street expectations on better book publishing and gains in an Australian real estate website division that blunted a decline in its newspaper business.
Net income in the quarter through March came to $48 million, or 8 cents per share, down from $323 million, or 56 cents per share, a year ago. Last year, News Corp. booked a gain on the sale of its stake in New Zealand pay TV operator Sky Network.
Excluding that and other items, adjusted earnings fell two cents to 11 cents per share. Analysts polled by FactSet predicted 2 cents per share.
Revenue fell 5 percent to $2.08 billion, still above the $2.07 billion expected.