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News Corp Up In Smoke May 7. 2009
Rupert Murdoch Rupert Murdoch’s News Corp is up in smoke. They are reporting a 70% decline in profits. Their stock price has also tumbled. News Corp.'s profit drops 70% as units suffer May 7, 2009 - Finishing up a dismal earnings season for media companies, News Corp. reported a 70% drop in net income and a 16% decline in revenue last quarter, with its broadcast TV, newspapers and MySpace divisions leading the way down and only its cable unit bucking the trend. Rupert Murdoch's media empire earned $300 million, excluding one-time events, on $7.38 billion in revenue. The numbers were a bit below analysts' estimates, but investors seemed pleased that News Corp. maintained its guidance for the fiscal year that ends June 30 and indicated that the worst of the advertising slump might be over. |
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