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News Corp. Beats the Street as Earnings More Than Double
Global media conglomerate News Corp. (NWSA) on Wednesday saw its quarterly earnings more than double from a year earlier on the strength of growth at its cable networks both in the U.S. and abroad.
For its fiscal second quarter News Corp. reported net income of $642 million, or 24 cents a share, compared with $254 million, or 10 cents a share, a year earlier.
Revenue rose by 1% to $8.76 billion, up from $8.68 billion during the same period a year ago.
“I am confident that the significant positive momentum from these businesses will not only continue to drive News Corporation’s growth for the remainder of the fiscal year, but also strengthen the Company for growth in the years to come,” said News Corp. Chairman and Chief Executive Rupert Murdoch in a statement.
News Corp. is the parent company of FOXBusiness.com.
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