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News Corp. 1Q profit posts surprising growth
AP, 2009-11-04 21:19:17
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FILE - In this file film publicity image released by 20th Century Fox, a pregnant Ellie the mammoth is tended to by her possums Crash and Eddie in a scene from, 'Ice Age: Dawn of the Dinosaurs.' Media conglomerate News Corp. on Wednesday, Nov. 4, 2009 said its net income for the latest quarter grew despite analysts' expectations of a decline, thanks to strength at its cable networks and the box-office success of 'Ice Age: Dawn of the Dinosaurs.' (AP Photo/20th Century Fox)
LOS ANGELES – Media conglomerate News Corp. says its net income for the latest quarter grew despite analysts' expectations of a decline, thanks to strength at its cable networks and the box-office success of "Ice Age: Dawn of the Dinosaurs." The company is facing multiple challenges, including an advertising downturn and the shift of readers to the Internet. Newspaper and TV station earnings fell but they were more than offsets by gains elsewhere. The net income increase of 11 percent came to $571 million, or 22 cents per share, while revenue fell 4 percent to $7.2 billion, beating analyst forecasts. Chief Executive and lead shareholder Rupert Murdoch called the results "exceptionally strong."
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