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NEW YORK News Corp. has seen a “marked deterioration” in advertising business momentum and currency trends since August, management said Wednesday afternoon, forcing it to reverse its full fiscal-year operating profit guidance from a small gain to a double-digit decline.
Chairman and CEO Rupert Murdoch warned that the current sluggishness “could well turn into a prolonged economic slump.” The reduction in guidance came after News Corp. reported weaker fiscal first-quarter earnings due to a new investment and some recently sold-off assets.
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