News Corp shares up
Market watch top headlines
News Corporation shares have risen after the global media giant reported a big lift in first quarter net profit and maintained earnings guidance for the full year.
News Corp said net profit for the three months to September 30, 2012, came in at $US2.23 billion ($A2.16 billion), up from $US738 million ($A715.50 million) in the prior corresponding period.
The result, which came in a little above market expectations, was boosted by the sale of News Corp's stake in software company NDS in July 2012, which produced a $US1.4 billion ($A1.36 billion) gain.
Market players cheered the result, with News Corp stock up 75 cents, or 3.21 per cent, at $24.11 at 1130 AEDT.
In percentage terms, News Corp was the best-performing stock on the S&P/ASX50.
News Corp non-voting scrip had risen 77 cents, or 3.36 per cent, to $23.68.
News Corp chief financial officer David DeVoe said earnings before interest and tax (EBIT) were expected to grow in the "high singles to low double digit range" in 2012/13, from an adjusted $US5.6 billion ($A5.43 billion) in 2011/12.
The guidance was unchanged from three months ago.
News Corp chairman and chief executive Rupert Murdoch, who did not attend Wednesday's results presentation, said operational discipline and a focus on innovation were behind the first quarter result.
"Even against considerable currency headwinds due to a stronger dollar, we were able to increase News Corp's revenue and adjusted segment operating profit over the prior year quarter while continuing to make key investments to position us for future growth," he said in a statement.