News Corp. posts flat third quarter
May 7, 2009
A News Corporation logo. Media giant News Corp. reported a flat quarterly net profit of 2.7 billion dollars on Wednesday as one-time items helped compensate for a slide in advertising revenue.
Media giant News Corp. reported a flat quarterly net profit of 2.7 billion dollars on Wednesday as one-time items helped compensate for a slide in advertising revenue.
News Corp. posted earnings per share of 1.04 dollars for the third quarter of its fiscal year, up from 0.91 dollars in the same quarter a year ago.
Its results for the quarter were boosted by the 1.2 billion dollars reaped from the partial sale of its holdings in NDS Group and another 1.2 billion dollars from a favorable tax settlement.
News Corp. also benefited from an extraordinary profit in the same quarter last year on a 1.7 billion dollar asset and stock exchange with Liberty Media Corp.
Excluding the one-time gains, News Corp.'s operating income fell by 47 percent in the first three months of this year to 755 million dollars from 1.4 billion dollars in the same quarter last year.
Revenue fell 16 percent to 7.4 billion dollars as the decline in advertising revenue which has hit newspapers across the United States was also felt at News Corp.
"Our third quarter results directly reflect the continuing weakness of the global economic climate," News Corp. chairman Rupert Murdoch said in a statement.
"Despite this tough environment, we have proven resilient in several key areas this quarter," he said. "We continued to make necessary operational adjustments to ensure our businesses are performing at optimum levels.
"We are working daily to increase market share and strengthen our core businesses, even in this very challenging environment," he said.
In a conference call with analysts following the release of the results, Murdoch said it is "increasingly clear that the worst is over" and News Corp. well postioned to benefit from a rebound.
Weak advertising led to a 99-percent drop in operating income in the quarter in the television division to four million dollars and a 97-percent fall in operating income in the newspapers segment to seven million dollars.
The book publishing unit lost 38 million dollars compared with a slight profit in the same quarter a year ago.
The filmed entertainment unit saw operating income rise by eight percent to 282 million dollars due in part to the continued strong box office performance of multiple Oscar winner "Slumdog Millionaire."
Cable network television, which includes the Fox News Channel, was a strong performer with operating income increasing by 30 percent to 429 million dollars.
The magazines segment saw a four percent rise in operating income to 97 million dollars.
Besides Dow Jones, the Wall Street Journal and Fox, News Corp. owns the 20th Century Fox movie studio, the STAR and SKY television networks, social network MySpace, book publisher HarperCollins and newspapers in Australia, Britain and the United States.
In after-hours electronic trading after the release of its results, News Corp.'s share price was up 1.41 percent to 10.80 dollars.
(c) 2009 AFP
-
Taiwan's HTC says profit down 30 percent
Apr 06, 2009 |
not rated yet |
0
-
Time Warner profit down, expects to spin off AOL
Apr 29, 2009 |
not rated yet |
0
-
Semiconductor revenue down 5 pct in 2008
Apr 08, 2009 |
not rated yet |
0
-
Grim US newspaper ad revenue figures released
Mar 27, 2009 |
not rated yet |
0
-
India's Infosys posts profit dip on slowdown
Apr 15, 2009 |
not rated yet |
0
-
Fast photon control brings quantum photonic technologies closer
1 minute ago |
not rated yet |
0
-
Engineers build first sub-10-nm carbon nanotube transistor
Feb 01, 2012 |
4.9 / 5 (33) |
30
-
Something old, something new: Evolution and the structural divergence of duplicate genes
Jan 31, 2012 |
4.6 / 5 (7) |
1
-
The hidden nanoworld of ice crystals: Revealing the dynamic behavior of quasi-liquid layers
Jan 30, 2012 |
5 / 5 (5) |
1
-
Stock market network reveals investor clustering
Jan 27, 2012 |
3.9 / 5 (23) |
8
-
How to tilt a object
13 hours ago
-
How to calculate total compressibility in liquid porous solid system
18 hours ago
-
Need help reading 3-D
Feb 11, 2012
-
A way to send and receive wireless data
Feb 11, 2012
-
Calling function with no input argument
Feb 10, 2012
-
Force free body diagram problem on gym equipment
Feb 10, 2012
- More from Physics Forums - General Engineering
More news stories
Ethanol mandate not the best option
Many people are willing to pay a premium for ethanol, but not enough to justify the government mandate for the corn-based fuel, a Michigan State University economist argues.
Technology / Energy & Green Tech
51 minutes ago |
not rated yet |
0
Teaching teens safety in the virtual world
A new cyber safety program on the dangers of social networking is being developed by Flinders University, in light of an alarming report which shows children as young as 12 are meeting internet strangers in ...
29 minutes ago |
not rated yet |
0
Darpa to develop mobile millimeter-wave backhaul networks
Providing high-bandwidth communications for troops in remote forward operating locations is not only critical but also challenging because a reliable infrastructure optimized for remote geographic areas does ...
43 minutes ago |
not rated yet |
0
Building a 'blind-friendly' Internet
Rakesh Babu demonstrates how a blind person uses the Internet.
1 hour ago |
not rated yet |
0
Microsoft India retail site down after 'cyber attack'
Microsoft said Monday it was investigating an attack by hackers on its Indian retail website, reportedly carried out by a Chinese group called the "Evil Shadow Team."
3 hours ago |
not rated yet |
0
Transforming galaxies
(PhysOrg.com) -- Many of the Universe's galaxies are like our own, displaying beautiful spiral arms wrapping around a bright nucleus. Examples in this stunning image, taken with the Wide Field Camera 3 on ...
'Smart' microcapsules in a single step
(PhysOrg.com) -- A new, single-step method of fabricating microcapsules, which have potential commercial applications in industries including medicine, agriculture and diagnostics, has been developed by researchers ...
A continent ablaze in auroral and manmade light
The North American continent is literally set ablaze in a confluence of Auroral and Manmade light captured in spectacular new videos snapped by the astronauts serving aboard the International Space Station ...
Nanostructured electrodes for rechargeable sodium-Ion batteries
Highly efficient 3V cathodes for rechargeable sodium-ion batteries have been developed by users from Argonne National Laboratory's Materials Science, Chemical Sciences & Engineering, and X-ray Sciences Divisions, ...
New tumor suppressor gene identified
A recent study published in Clinical Cancer Research suggests that the protein hVps37A suppresses tumor growth in ovarian cancer. The work, which was funded by the Austrian Science Fund FWF, shows, for th ...
A lost world? How zooarchaeology can inform biodiversity conservation
A new study of tropical forests will provide a 50,000-year perspective on how animal biodiversity has changed, explored through an archaeological investigation of animal bones.