21st Century Fox Jumps on Earnings Beat: Tech Winners & Losers
NEW YORK ( TheStreet) –– 21st Century Fox
For its fourth quarter, which ended June 30, the media giant reported earnings of $8.42 billion, a 17% increase year-over-year, and earnings of 42 cents per share. Analysts polled by Thomson Reuters expected earnings of 38 cents per share on revenues of 7.99 billion. Revenue in Cable Network Programming was $3.35 billion, up from $2.95 billion in the same quarter last year. In the Filmed Entertainment segment, revenue grew 38% year-over-year to $2.80 billion, led by the international releases of X-Men: Days of Future Past , Rio 2 , and The Fault in Our Stars , which have grossed $740 million, $490 million, and $260 million, respectively, in worldwide box office to date.
In the television segment, however, operating income fell to $145 million from $213 million a year earlier, and advertising revenue in the segment fell 11% year-over-year. The company attributed these declines to lower ratings, especially in the program American Idol.
“In the fiscal fourth quarter we built on our operational momentum with double-digit earnings and revenue gains,” said CEO Rupert Murdoch in the press release. “As we close the fiscal year, I continue to have confidence in our ability to execute our growth plan and drive value for our shareholders.”
The earnings were released shortly after the company said yesterday that it was abandoning its attempt to purchase Time Warner
Unusually, Murdoch participated in the earnings call following the release of the earnings, for the first time since the News of the World hacking scandal. News of the World and Time Warner both belonged to the former behemoth News Corp.
Yesterday, Amazon announced that it was expanding same-day delivery to six more cities: Baltimore, Dallas, Indianapolis, New York City, Philadelphia, and Washington DC. Over a million items are eligible for these deliveries. Amazon Prime members pay a fee of $5.99.
“Imagine how much time you will save now that you can get sunscreen, memory cards, toothpaste, hit movies, text books and HDMI cables all delivered to your home in hours, seven days a week, in one order from Amazon,” said Amazon Prime Vice President Greg Greeley in the press release announcing the expansion. “New convenient pricing also allows Prime members to fill up their same-day shopping cart with everything they may need for one low price. With more than a million eligible items, we aim to offer the largest same-day selection at the lowest price.”