News Corp. reports increased revenue

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New York—In an earnings release, News Corp. Chairman-CEO Rupert Murdoch said the News of the World hacking scandal has had no impact on News Corp.'s financials. “While it has been a good quarter from a financial point of view, our company has faced challenges in recent weeks relating to our London tabloid, News of the World,” Murdoch said in a statement. “We are acting decisively in the matter and will do whatever is necessary to prevent something like this from every occurring again. It is important to note that there has been no material impact on our other operations.” Even with a $250 million loss on the sale of MySpace, News Corp. generated net income for the quarter ended June 30 of $683 million, down from $875 million in the year-earlier period. The company's net income totaled $2.74 billion, up from $2.54 billion for fiscal year 2010 For the quarter ended June 30, News Corp. reported revenue of $8.96 billion, up from $8.11 billion in the year-earlier period. For the previous 12 months, News Corp.'s revenue totaled $33.41 billion, up from $32.78 billion in fiscal 2010.
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