21st Century Fox profit shrinks in 1Q as movies don’t fare as well as year ago; revenue rises
NEW YORK, N.Y. – Entertainment giant Twenty-First Century Fox Inc. on Tuesday posted net income in its fiscal first quarter that shrank more than analysts had expected as its movies didn’t fare as well as a year ago.
The results marked the first quarter as a separate entity from publishing company News Corp., which was spun off at the end of June.
Net income for the three months through Sept. 30 was $1.26 billion, or 54 cents per share, versus $2.23 billion, or 94 cents per share, a year ago.
Excluding discontinued operations, adjusted earnings came to 33 cents per share, a penny short of the forecast of analysts polled by FactSet.
Revenue rose 18 per cent to $7.06 billion. Wall Street expected $6.82 billion.
Shares are off 2 per cent to $33.40 in aftermarket trading.
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