News Corporation reported in-line fourth-quarter earnings, with EPS of 19 cents coming in a penny ahead of estimates on an 11% decline in revenue, to $7.67 billion.
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Operating income fell 30%. Revenue and operating income closely tracked analyst expectations. Cable Networks and Filmed Entertainment were better than I expected, while TV, Sky Italia and Other/MySpace were worse than my expectations. There was nothing in the fourth quarter's reported results that should move the stock. Management did provide full-year (June fiscal) guidance. That fact alone is a positive given still limited visibility. Guidance of 4% revenue growth and an upper-single-digit rise in operating income match consensus expectations. Guidance assumes flat ad growth. I'd call the guidance a positive, although management made it very clear that the September quarter would still be quite weak
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