News Corp. beats Wall Street forecast with revenue from pay TV, 'Life of Pi'
May 10, 2013, 6:31 pm TWN
LOS ANGELES -- News Corp. beat Wall Street's forecast for the January-March quarter, helped by growing revenue from pay TV networks including Fox News Channel and FX, and the hit 20th Century Fox movie “Life of Pi.”
The New York-based company controlled by billionaire Rupert Murdoch also said Wednesday that it benefited from raising its stake in satellite TV company Sky Deutschland. It now holds a majority stake.
News Corp.'s net income jumped to US$2.85 billion, or US$1.22 per share, from US$937 million, or 38 cents per share, a year ago.
Excluding items such as the one-time US$2.1 billion profit related to Sky Deutschland, adjusted earnings came to 36 cents per share, a penny better than expected by analysts surveyed by FactSet.
Revenue rose 14 percent to US$9.54 billion, also better than the US$9.14 billion expected by analysts.