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News Corporation has just reported its quarterly earnings. For Q4 it had revenues of $8.4 billion with earnings per share of $0.32, down compared to the year before (Q4 2011 the company reported revenues of $9 billion). The earnings per share met analysts*expectations, but revenues fell short, with analysts expecting $8.722 billion. Those estimate numbers were down by 11% and 3% respectively on the same quarter a year ago, on the back of pressures in advertising in its publishing sector and a less blockbusters in the entertainment division of the business. The company noted that gains in its cable business mostly offset declines in all other divisions. Full-year revenue was $33.7 billion, 1% up on the year before.
The company also reported a net loss of $1.6 billion for the quarter, compared to a net income of $683 million in the same quarter a year ago. The company said the figure included a $2.9 billion restructuring charge for its publishing division, which News Corp. is planning to separate from its entertainment division.
Despite revenues being down on a year ago, News Corp. is also making some significant moves that have pleased the street. In addition to splitting its entertainment and publishing*businesses; and it has initiated a $10 billion stock buyback plan.
In its last quarter, which ended March 31, 2012, the company had cash reserves of*$61 billion and reported annual revenues of $34 billion.
More to come. Refresh for updates
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