News Corp. attributed the improvement to higher search revenues from its ad partnership with Google ( GOOG); advertising revenue growth, driven by increased traffic; further inventory monetization; and international expansion.

While News Corp.'s wide array of media properties adds up to a dependable cash-generating machine for investors, Wall Street is looking for signs that the company can turn its digital assets into a new engine of profitable growth.

News Corp.'s acquisition of Dow Jones is expected to close in the fourth quarter. Meanwhile, the company launched its new cable business news channel, Fox Business News, to rival General Electric's ( GE) CNBC.

The nascent network has debuted to harsh critiques, but News Corp.'s stellar track record in the industry has investors reserving judgment.

Shares of News Corp. were recently up 37 cents, or 1.7%, to $22.33 in after-hours trading. The shares shed 3% in regular trading hours amid a broader selloff in the stock market.