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In its first earnings report since separating from 21st Century Fox, News Corp beat revenue expectations in its fiscal fourth quarter.
The company said Friday it lost $1.1 billion in the quarter that ended June 30, an improvement from a year-ago loss of $2.2 billion. Revenue was $2.26 billion, up from $2.13 billion and about $40 million more than analysts had predicted.
News Corp consists primarily of print assets, though it has cable television businesses in Australia. Its “cable network programming” division, though, accounted for only $324 million in revenue during the entire fiscal year.
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“News and information services” was responsible for $6.73 billion; “digital real estate services” for $345 million; “book publishing” for $1.37 billion; and “other” accounted for $122 million.
For the fiscal year, News Corp reported $506 million in net income, reversing a loss of $2.1 billion a year ago.
Shares of News Corp were off 1 percent Friday to $16.64 and have risen 6 percent since the company was split in June. Shares of 21st Century Fox rose 1 percent Thursday to $33.01 and are up 16 percent since the split.
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