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Earnings: NWS Revenue Up 19 Percent; Profit Dips But Operating Income Up 23 Percent To $1.05 Billion

News Corp. (NYSE: NWS) reported operating income of $1.05 billion for the quarter ending Sept. 30, up 23 percent from the same quarter in 2006. (The Sept. 30 quarter is News Corp.’s fiscal first quarter.) Revenues rose 19 percent to $7.1 billion but the profit dropped to $732 million, or $0.23 per share, from $843 million, or $0.27 per share, in the 2006 quarter; that quarter’s results included asset sales.

Fox Interactive Media: Reported in the “other” category, which had an operating loss of $43 million — a $30 million, or 41 percent, improvement that News Corp. says was led by improved results at FIM, largely from MySpace. That also was offset by startup losses in Eastern Europe. From the release: “The operating income at FIM was driven by higher search revenues, primarily from the Google (NSDQ: GOOG) agreement which took effect in January 2007, and advertising revenue growth as a result of increased traffic, further inventory monetization and international expansion. The revenue growth was partially offset by increased costs associated with the larger audience, international expansion and new features.”

Cable networks: Programming operating income rose 16 percent despite the launch costs of Fox Business News and the Big Ten Network.

Earnings release | Webcast (4:30 p.m. est)

More to come.