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NWSA Preview: Looking for a Small Upside Surprise

By Steve Birenberg

 About this article:
 News Corporation is expected to report first-quarter 2010 EPS of 18 cents on revenue of $7.16 billion. For the first quarter of 2009, the company reported revenue of $7.5 billion and EPS of 20 cents. As a result, the first-quarter 2010 result should show about a 5% decline in revenue and a 10% decline in EPS. First quarter 2010 represents much-improved performance, but, similar to many companies, year-over-year growth remains negative. I think that there is a decent chance for a small upside surprise in the results, but investors will respond to management's comments on advertising trends thus far in the December quarter and looking ahead into 2010. On this front, I expect cautious optimism from Rupert Murdoch, driven by good ratings performance at his key TV assets and an improving, though still deeply negative, outlook at local media of newspapers and TV stations. Rupert has...

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