News Corp Misses, Rupert Says Downturn "Severe"
News Corp reported fiscal Q2 earnings per share of $.12 on $7.9 billion revenues. Analysts expected Q2's EPS to be $.20 on revenues of $8.45 billion.
Rupert's statement:
“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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