Fox earnings miss expectations as new channels launch


Rupert Murdoch's 21st Century Fox Inc TV and film company reported quarterly earnings on Tuesday that missed Wall Street expectations as the company invested in the launch of new U.S. cable channels.

For the quarter that ended in September, Fox posted adjusted earnings-per-share of 33 cents, down from 38 cents a year earlier. Wall Street analysts on average had expected 35 cents per share, according to Thomson Reuters I/B/E/S.

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Fox shares dropped 2 percent after hours to $33.40, down from their earlier $34.09 close on Nasdaq.

"They're a little weak but nothing material," said Brett Harriss, an analyst with Gabelli & Company.

Fox recorded $7.06 billion of total revenue for the three months ending September 30, an 18 percent increase from the same period a year earlier.

In June, News Corp separated into a publishing company and the TV and film unit that became Fox.

(Reporting by Lisa Richwine. Editing by Andre Grenon)