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News Corp.’s 4th-Quarter Profit Falls 43%

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Bloomberg News

News Corp.’s fiscal fourth-quarter earnings fell 43% as its movie division was hurt by flops “Speed 2” and “Volcano” and it revamped its struggling HarperCollins publishing unit. Profit from operations at Rupert Murdoch’s global media and entertainment company fell to $142 million, or 14 cents for each American depositary receipt, from $250 million, or 31 cents, a year earlier. The company didn’t break out the quarterly earnings from its results for the full year. Revenue for the quarter ended June 30 rose 7.8%, to $2.76 billion from $2.56 billion. The Sydney-based company’s American depositary receipts closed unchanged at $17.50; the results were released after U.S. markets had closed.

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