News Corp. Misses Estimates, Huge Writeoff: Murdoch Says It’s Worse Than He Thought
A first look at at News Corp.’s quarterly earnings (NWSA) has several red flags: Even though analysts have been moving their estimates down at the company’s urging, the media congolomerate still underperformed the consensus and is recording a $8.4 billion writeoff. Quote from CEO Rupert Murdoch: "“Our results for the quarter are a direct reflection of the grim economic climate. While we anticipated a weakening, the downturn is more severe and likely longer lasting than previously thought. As a result, we have been taking actions to preserve a solid level of operational profitability and a strong balance sheet without sacrificing future growth. We are implementing rigorous cost-cutting across all operations and reducing head count where appropriate. We believe our businesses are well positioned to withstand a lengthy downturn and to emerge stronger as the current economic situation improves.”
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