21st Century Fox reported fiscal first-quarter earnings on Tuesday that beat the expectations of analysts.
The entertainment conglomerate controlled by Rupert Murdoch said earnings-per-share in the most recent quarter was 33 cents on revenue of $7.06 billion. Analysts were expecting 35 cents per share on about $6.8 billion in revenue.
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It's the second time 21st Century Fox has reported earnings since it separated from News Corp. in June. Since the split, shares of 21st Century are up 27 percent compared with a 10 percent gain for the S&P 500.
Had 21st Century Fox existed as a separate company in the year-ago quarter, it would have reported adjusted income of 38 cents per share.
Analysts were expecting the dropoff in profit due to the lack of political advertising this time around and because American Idol ratings have been declining.
More to come ...
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