News Corp quarter profit beat f'casts

Nov 07 2012, 08:17 IST
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SummaryCOO Carney cautious about TV ad spend - fall entertainment launches below expectations.

that includes British and U.S. newspapers reported a 48 percent drop i n operating income to $57 million due to lower advertising revenue.

Satellite broadcaster Sky Italia suffered from higher programming expenses and a strengthened U.S. dollar, News Corp said. The service's operating income plunged 81 percent to $23 million.

News Corp shares rose in after-hours trading to $24.85, up 2.4 percent from their close on Nasdaq of $24.28.

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