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News Corp profits down 5% as phone hacking takes toll
News Corp has posted a 5% drop in profits for its latest quarter, pulled down by the costly withdrawal from the BSkyB bid in July and USD91m worth of restructuring charges for its UK newspaper business, as the impact of the phone hacking scandal begins to tell. Earnings dipped to USD738m in the firm's fiscal Q1 ending September 30, down from USD775m in the same period last year. Meanwhile, News Corp's overall revenues grew 7% year on year from USD7.43bn to USD7.96bn, boosted by growth in the firm's cable, television and film segments. Although the firm is holding steady on its forecast that profits will rise in the "low to mid-teens" range, the firm's leadership is coming under increasing pressure from disgruntled shareholders.
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