News Q2 Profit Rises

(RTTNews) - News Corp. (NWS, NWSA) Thursday reported second-quarter net income of $231 million or $0.39 per share, up from $85 million or $0.14 per share last year.

Adjusted earnings were $0.34 per share compared to $0.18 per share last year.

Second-quarter revenues were $2.41 billion, 3% lower compared to $2.48 billion last year.

The decline was mainly due to lower revenues at the News Media segment, primarily driven by a $191 million, or 8%, negative impact from the divestiture of News America Marketing, weakness in the print advertising market, and a $34 million, or 1%, negative impact from the closure or transition to digital of certain regional and community newspapers in Australia.

Analysts polled by Thomson Reuters expected earnings of $0.10 per share on revenues of $2.24 billion for the quarter. Analysts' estimates typically exclude special items.