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News Corp fiscal 2Q earns top expectations

Published on NewsOK Modified: February 6, 2014 at 4:21 pm •  Published: February 6, 2014

NEW YORK (AP) — News Corp., the publishing company controlled by Rupert Murdoch, reported second-quarter earnings that exceeded Wall Street forecasts while revenue declined as expected, reflecting slower advertising sales.

Net income in the three months through Dec. 31 amounted to $150 million, or 26 cents per share. That was less than the $1.40 billion in profit the company reported a year earlier, when it recorded a $1.3 billion gain from its acquisition of Australian pay TV company Consolidated Media Holdings Ltd.

Excluding charges for restructuring, a U.K. hacking probe and other matters, adjusted earnings were 31 cents per share, beating the 21 cents expected by analysts polled by FactSet.

Revenue fell 4 percent to $2.24 billion, in line with expectations.

Shares of the New York company rose 4.2 percent to $16.70 in extended trading following the release of results, after closing regular trading up 2.6 percent at $16.02.

"The earnings report demonstrates a measure of progress as we navigate a challenging advertising market," CEO Robert Thomson said in a statement. "We are continuing to be disciplined on costs."

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