Earnings: News Corp Q1 Revenues Up 16 Percent; 'Strong Revenue Growth' For FIMHigher Costs, Too

This story was written by Staci D. Kramer.
Rupert Murdoch probably won't send a thank-you note to John Malone but News Corp (NYSE: NWS) delivered a profit of $2.7 billion, or $0.91 per share, up dramatically from $827 million, or $0.27 per share) in the same quarter last year aided by a $1.7 billion gain on the asset and stock swap with Liberty Media (NSDQ: LINTA). Revenues rose 16 percent to $8.75 billion in the quarter ending March 31, from $7.53 billion in the same quarter last year. Operating income also rose 16 percent, to $1.4 billion. 

The earnings release refers to Fox Interactive Media but, as usual, with precious little detail: "Current quarter results also include higher contributions from Fox Interactive Media and NDS, partially offset by startup losses at our Eastern European broadcasting initiatives. At Fox Interactive Media strong revenue growth from increased search and advertising revenues was partially offset by increased costs associated with domestic and international expansion, new features and costs associated with the startup of new ventures."

More to come from the earnings call.
Earnings release (pdf) | Webcast (4:30 ET)


By Staci D. Kramer

Comments

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.

Download
The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App