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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...

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