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Fox 3rd-quarter earnings top Wall Street expectations

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In this photo provided by FOX Broadcasting, from left, Sam Woolf, Jena Irene and Alex Preston perform on the April 30, 2014, episode of the 13th season of "American Idol." 21st Century Fox reports quarterly earnings on Wednesday, May 7, 2014. (AP Photo/FOX Broadcasting, Michael Becker)

NEW YORK, N.Y. – Twenty-First Century Fox reported third-quarter earnings that topped analyst expectations as revenue grew thanks to higher advertising revenue and a popular Super Bowl but expenses also rose quickly due to the launch of new channels including Fox Sports 1.

Net income fell 63 per cent to $1.05 billion, or 47 cents per share, from $2.85 billion, or $1.22 per share, a year earlier.

After adjustments that offset each other, the 47 cents per share of earnings beat the 35 cents expected by analysts polled by FactSet.

Revenue rose 12 per cent to $8.22 billion from $7.35 billion a year ago. Analysts were expecting revenue of $7.98 billion.

Fox shares rose $1.24, or 3.9 per cent, to $33.36 in after-hours trading following the release of results.

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