NEW YORK (TheStreet) --21st Century Fox (FOXA) was falling in after-market trading as Rupert Murdoch's entertainment company posted profit for its fiscal first quarter that missed analyst forecasts as television programming costs climbed and box office sales underperformed.
Shares of Fox were dropping 2% to $33.40 in extended trading.
Profit from continuing operations fell to $768 million, or 33 cents a share, short of the consensus forecast of 35 cents, according to a Bloomberg survey. Revenue grew 18% to $7.06 billion, surpassing the $6.82 billion analyst estimate.
Fox is investing heavily in its sports programming as the company introduced Fox Sports 1 over the summer to compete with ESPN and serve as a hub for its many regional networks. Television has also been a concern as Fox has tended to trail its Big Four rivals in most key demographics for much of 2013.
--Written by Leon Lazaroff in New York
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV