Fox 3Q earnings top expectations

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Associated Press

Posted on May 7, 2014 at 2:02 PM

Updated Wednesday, May 7 at 2:02 PM

NEW YORK (AP) — Twenty-First Century Fox reported third-quarter earnings that topped analyst expectations as revenue grew thanks to higher advertising revenue and a popular Super Bowl but expenses also rose quickly due to the launch of new channels including Fox Sports 1.

Net income fell 63 percent to $1.05 billion, or 47 cents per share, from $2.85 billion, or $1.22 per share, a year earlier.

After adjustments that offset each other, the 47 cents per share of earnings beat the 35 cents expected by analysts polled by FactSet.

Revenue rose 12 percent to $8.22 billion from $7.35 billion a year ago. Analysts were expecting revenue of $7.98 billion.

Fox shares rose $1.24, or 3.9 percent, to $33.36 in after-hours trading following the release of results.

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