News Corp announces revenues drop

<p>Revenues are down at News Corp.</p>

News Corp has confirmed revenues are down in its latest financial results.

The company announced a modest profit for the three months to the end of September, but revealed net income for the quarter was down to $27 million (£16.9 million).

Analysts had predicted a higher level of revenues – which were announced as $2.07 billion for the quarter – from the publisher of newspapers such as the New York Times.

News Corp's chief executive Robert Thompson explained the newspapers published by the firm are currently in the middle of a transformative period to develop them into online businesses.

"We have been consistently cost-conscious and are transforming our publishing operations longer-term into multi-platform businesses," he said.

The share price of News Corp will open at 17.78 when the Nasdaq opens later in the day. Its 52-week high is 18.26, while it has only dropped to as low as 14.52 in the same period.

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