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News Corp quarterly revenue falls, profit rises
By Reuters
Rupert Murdoch, News Corp CEO walks outside the during the Sun Valley media conference in Idaho July 9, 2009. REUTERS/Rick Wilking
NEW YORK (Reuters) - News Corp <NWSA.O> reported lower revenue on Wednesday because of advertising declines at its television stations and newspapers, while profit rose because of stronger performance at its cable television, movie and book units as well as cost cuts.
The international media conglomerate's fiscal first quarter 2010 net income was $571 million, or 22 cents a share, compared with $515 million, or 20 cents a share last year. Last year's net income included a writedown.
Operating income rose 9.3 percent to $1.04 billion.
Revenue fell 4.1 percent to $7.2 billion, beating the average analysts' estimate of $7.16 billion, according to Thomson Reuters I/B/E/S.
The results come as News Corp and Chief Executive Rupert Murdoch try to stem advertising revenue declines at its businesses from newspapers around the world to its local U.S. TV stations.
News Corp shares were up 0.3 percent in after-hours trading after closing up 1.14 percent at $11.57 on the Nasdaq stock market.
(Reporting by Robert MacMillan)
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