News Corp. reverses loss
Posted by Leah McBride Mensching on August 5, 2010 at 1:48 PM
News Corp. yesterday announced it turned a profit in the fourth quarter, compared to a loss the same time last year, The Associated Press reported.The media conglomerate's finances were helped by the sale of its Bulgarian television station and a drop in restructuring charges. However, its profits were down about US$16 million, to $932 million, due to lower profits at its Sky Italia satellite TV unit and movie studio. MySpace, owned by News Corp., also saw revenue continue to fall. Revenue in the three months ending June 30, meanwhile, were up 6 percent, to $8.11 billion.
The company also saw advertising beginning to recover, seeing growth in its newspapers, such as the Wall Street Journal, and its Fox cable channels.
Spencer Want, an analyst at Credit Suisse, told Businessweek the results did not reach his expectations, and kept his "Neutral" rating on the stock.
Spencer Want, an analyst at Credit Suisse, told Businessweek the results did not reach his expectations, and kept his "Neutral" rating on the stock.
0 TrackBacks
Listed below are links to blogs that reference this entry: News Corp. reverses loss.
TrackBack URL for this entry: http://www.editorsweblog.org/mt/mt-tb.cgi/21803
![Digg](http://digg.com/submit?phase=2&&url=http%3A%2F%2Fwww.sfnblog.com%2Ffinancials%2F2010%2F08%2Fnews_corp_reverses_loss.php&bodytext=<form mt:asset-id="6864" class="mt-enclosure mt-enclosure-image" style="display: inline;" contenteditable="false"><a href="http://www.sfnblog.com/industry_trends/Graph%20clip%20art.png"><img alt="Graph clip art.png" src="http://www.sfnblog.com/assets_c/2010/05/Graph%20clip%20art-thumb-250x185-6864.png" class="mt-image-left" style="float: left; margin: 0pt 20px 20px 0pt;" height="185" width="250" /></a></form>News Corp. yesterday announced it turned a profit in the fourth quarter, compared to a loss the same time last year, <a href="http://www.google.com/hostednews/ap/article/ALeqM5hS0bKL75_f1_nWqS7n4zDVCJsSpAD9HCVOVG0">The Associated Press reported</a>.<br /><br />The media conglomerate's finances were helped by the sale of its Bulgarian television station and a drop in restructuring charges. However, its profits were down about US$16 million, to $932 million, due to lower profits at its Sky Italia satellite TV unit and movie studio. MySpace, owned by News Corp., also saw revenue continue to fall. Revenue in the three months ending June 30, meanwhile, were up 6 percent, to $8.11 billion. &title=News Corp. reverses loss){kind=link}
Leave a comment