News Corp. Beats Estimates, Doesn’t Miss MySpace
Most big media companies are posting upbeat Q3 earnings reports, and News Corp., which also owns this Web site, has done the same. Revenues were up 7 percent, to $7.96 billion, in line with Wall Street expectations of $7.67 billion.; the company posted adjusted earnings of $0.32 per share, beating the $0.29 consensus. Last summer’s (continuing) phonegate scandal showed up several times in the earnings report, including a $91 million charge related to the closure of the U.K.-based News of the World. On the other hand, not owning MySpace appears to have saved the company around $57 million in quarterly losses.