Adjusted For Ongoing Phone Hacking Investigation Charges, News Corp's Earnings Beat Expectations (NWSA)

LOS ANGELES (AP) — Rupert Murdoch's News Corp. said Wednesday that net income grew by nearly two-thirds in the final quarter of 2011, despite expenses related to the ongoing phone hacking investigation at its U.K. newspaper unit.Net income in the three-month period that ended on Dec. 31 rose to $1.06 billion, or 42 cents per share, from $642 million, or 24 cents per share in the same period a year earlier.Excluding one-time benefits and an $87 million charge it took related to government-led phone hacking probes, adjusted earnings came to 39 cents per share. That topped the 34 cents per share expected by analysts polled by FactSet.Thanks to growth at pay TV channels like Fox News and FX and better results from its movie studio, News Corp.'s revenue rose 2 percent to $8.98 billion from $8.76 billion a year ago. The figure is slightly higher than the $8.94 billion expected by analysts.Shares at New York-based News Corp. fell 37 cents, or 1.9 percent, to $19.25 in after-hours trading following the earnings release.Please follow Money Game on Twitter and Facebook.Join the conversation about this story »See Also:Here Are The Key Market Moving Events For Monday, February 6, 2012Abercrombie & Fitch: It's Just Not Cool AnymoreYum Brands Earnings Beat Expectations, As Growth In China Continues to Explode

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