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News Corp. Profit Trails Estimates on Advertising Decline

  • Company cites weak print advertising, foreign exchange impact
  • Revenue of $2.01 billion falls short of analysts' estimates
Updated on

News Corp., the Wall Street Journal and New York Post publisher controlled by billionaire Rupert Murdoch, reported quarterly earnings that missed analysts’ estimates, dragged down by a decline in advertising revenue and the impact from the strong dollar.

Profit, excluding some items, was 5 cents a share in the fiscal first quarter ended Sept. 30, trailing the 6-cent average of projections compiled by Bloomberg. Revenue fell 4 percent to $2.01 billion, the New York-based company said Wednesday in a statement, the third straight quarterly decline. That compared with an average projection of $2.08 billion.