News Corp. Obliterates Expectations for Q1, Posts Profit of $2.23B
News Corp. obliterated analyst expectations with its first earnings report of fiscal 2013, posting profit of $2.23 billion thanks to a one-time asset sale and its cable division.
Though the company fell just short of what was predicted in terms of revenue, generating $8.16 billion, its earnings per share of $0.43 bested analyst predictions of $0.37.
As usual, News Corp.'s cable division of Fox News, FX and regional sports networks led the way, posting $953 million in profit -- an increase of 23 percent from a year ago.
The company's film studio also posted increased profits, churning out $400 million as compared to $347 a year ago.
More to come...