News Corp. Rocks The First Quarter 2010

News Corp. (NWS) today reported operating income of $1.04 billion, an increase of 9 percent on revenues of $7.2 billion, despite an 82 percent drop in income in the company’s Newspaper division. After all, the Wall Street Journal is such a tiny part of Rupert Murdoch’s empire.

Revenues were up at News Corp’s Filmed Entertainment division (“Ice Age: Dawn of the Dinosaurs” and the Wolverine movie contributed to this) and at its cable stations (including Fox News Channel, which reported its highest-ever quarterly profit).

Of the company’s newspaper division, News Corp had this to say: ad revs are down. (Surprise, surprise.) The declines were partially offset by reduced expenses at the Wall Street Journal and increased circulation revenues.

Create a social media strategy, launch your campaign, and track the results in our Social Media Marketing Boot Camp starting February 16. The online event and workshop will feature speakers including The Onion‘s Baratunde Thurston (left), Facebook’s Morin Oluwole, and bitly’s Tim Devane. Register now.