News Corp quarter profit beat f'casts
Its shares jumped 2.4 percent after hours.
The media company that owns Fox Broadcasting and The Wall Street Journal said adjusted earnings per share reached 43 cents for the quarter that ended in September on profit of $1.0 billion. Analysts on average had expected 37 cents.
Adjusted earnings did not account for a $1.4 billion gain from the July sale of a 49 percent stake in TV software developer NDS Group to Cisco Systems. Unadjusted earnings totaled 94 cents per share for the quarter.
At News Corp cable networks, operating income rose 23 percent to $953 million, lifted by growth at regional sports networks, the FX cable network and Fox News Channel.
News Corp Chief Operating Officer Chase Carey gave a cautious outlook for ad spending at the company's television networks. He said the London Olympics on NBC grabbed a large share of third-quarter ad spending and the fourth quarter of 2012 will be a bit better for the company.
I think you've got a market that is pretty reserved and pretty cautious, Carey told Wall Street analysts on a conference call. I think markets overall are OK, not great.
Carey acknowledged a slow start to the fall television season at broadcast TV network Fox.
Fall entertainment launches have been below our expectations, he said, adding that the quick, four-game World Series, the lowest rated on record, was
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