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News Corp. Sales Miss Estimates on News Unit Decline
Gerry Smith
Updated on
News Corp., the Wall Street Journal and New York Post publisher controlled by billionaire Rupert Murdoch, reported quarterly sales that missed analysts’ estimates, dragged down by lower advertising revenue at its news division.
Revenue fell 2 percent to $2.14 billion, the New York-based company said Wednesday in a statement. That compared with analysts’ projections of $2.18 billion. Profit excluding some items was 7 cents a share in the fiscal fourth quarter, topping the 5-cent average of estimates compiled by Bloomberg.