News Corp. Post Solid Second Quarter
Rupert Murdoch's media holding company beats estimates with a second-quarter profit.
News Corp. (NWS) - Get Free Report posted solid second-quarter earnings Wednesday.
The Australian media conglomerate said second-quarter profits hit $239 million, or 24 cents a share, reversing the year-ago loss of $606 million, or 17 cents a share. The year-ago loss included a $909 million pretax writedown of national sports contracts. Revenue rose 14% to $4.7 billion.
The results were in line with Wall Street expectations. News Corp. attributed the strong numbers to good performances in its movie business and a pickup in the advertising market. Profits at the print arm were in line with year-ago levels, the company said.
Ahead of the report, shares in the company rose 63 cents to $26.56.
