News 4Q beats Street; Murdoch ‘acting decisively’

Posted Aug. 10, 2011, at 5:45 p.m.

LOS ANGELES — News Corp., the media conglomerate under fire for phone hacking in Britain, says its net income for the last quarter fell 22 percent mainly because of the sale of social networking site Myspace.

Net income at the TV and newspaper giant controlled by Rupert Murdoch fell to $683 million, or 26 cents per share in the three months through June. A year ago, the company earned $875 million, or 33 cents per share.

Excluding the impact of the Myspace sale, adjusted earnings came to 36 cents per share, beating the 30 cents expected by analysts polled by FactSet.

Revenue grew 11 percent to $8.96 billion from $8.11 billion.

Addressing the hacking scandal, Murdoch said in a statement that the company is “acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again.”

http://bangordailynews.com/2011/08/10/business/news-4q-beats-street-murdoch-%e2%80%98acting-decisively%e2%80%99/ printed on December 21, 2014