News Corp. (NWS) recently reported its first quarter results. Earnings of 22 cents a share surpassed the Zacks Consensus Estimate of 17 cents and climbed 10% from 20 cents posted in the prior-year quarter.

Total revenues tumbled 4.1% year on year to $7,199 million due to fall in Television (down 7.7%), Direct Broadcast Satellite Television (down 4.3%), Newspapers and Information Services (down 17.7%), Book Publishing (down 1.6%) and Other (down 44.4%) segments, offset by rise in Filmed Entertainment (up 20.8%), Cable Network Programming (up 10.5%) and Integrated Marketing Services (up 3.1%) segments.

However, significant cost-cutting initiatives taken by management and robust performance at Filmed Entertainment and Cable Network Programming segments have boosted the operating income by 9.3% to $1,042 million. Management expects fiscal 2010 operating income to increase within a high-single digit to low double-digit percentage range.

Filmed Entertainment posted a record first quarter operating income of $391 million, up 55.8% led by the box-office receipts of more than $880 million till date, due to the worldwide theatrical success of Ice Age: Dawn of the Dinosaurs.

Operating income at Cable Network Programming jumped 41.4% to $495 million due to rise in contributions from FOX News Channel, the Fox International channels, STAR, the Regional Sports networks and Big Ten Network.

News Corporation, which owns The Wall Street Journal, New York Post, Times of London, Sydney Daily Telegraph, and The Australian posted a decline of 81.3% to $25 million in operating income at its Newspapers and Information Services segment due to fall in advertising revenue.

Television segment operating income fell 54.2% to $38 million due to a fall in contributions from the Fox Television Stations and FOX Broadcasting Company on account of the slump in the advertising demand, mainly in the automotive and movie segments.

Direct Broadcast Satellite Television segment operating income tumbled 22.4% to $128 million due to increased programming costs. Operating income at the Integrated Marketing Services segment climbed 7.4% to $73 million.

The Book Publishing segment posted operating income of $20 million, compared to an operating income of $3 million delivered in the prior-year quarter.

News Corp. is a diversified media company with operations carried in the United States, the United Kingdom, Continental Europe, Australia, Asia and Latin America.

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