News Corp 1Q earnings beat Street; revenue close

NEW YORK (AP) — News Corp. says net income for the latest quarter tripled from a year ago, reflecting a one-time gain from the sale of its stake in digital video technology company NDS. Revenue rose 2 percent thanks to growth at pay TV networks such as Fox News Channel.

The company controlled by CEO Rupert Murdoch said Tuesday that net income came to $2.23 billion, or 94 cents per share, compared with $738 million, or 28 cents per share, a year ago.

Excluding about $1.38 billion in special gains, largely due to the NDS sale, adjusted earnings came to 43 cents per share, beating the 37 cents expected by analysts polled by FactSet.

Fiscal first-quarter revenue of $8.14 billion was roughly in line with the $8.15 billion analysts were looking for.

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