News Corp. Beats Q1 Estimates Despite Scandal Drag on Earnings

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By: Lucas Shaw | Reuters

News Corp. became the latest company to post strong quarterly earnings, reporting both revenues and profits that topped Wall Street’s expectations for its first quarter of the 2012 fiscal year.

The phone hacking scandal that has plagued the company’s print side and tarnished some of its executives has been a financial drain — News Corp.’s publishing division reported a 38 percent decrease in operating income — but the company’s far larger television and film divisions largely offset those costs.

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