21st Century Fox produces better-than-expected quarterly profits

Shares of the media conglomerate owned by Rupert Murdoch were lower in mid-morning trading on Thursday, despite the earnings beat.

Fox recorded net income for its fourth quarter at $567m, up from $87m in the corresponding quarter in 2015.

Murdoch's posted earnings of 45 cents per share, compared to 39 cents per share for the last quarter of 2015 — the current quarter overtaking analysts' consensus of 36 cents a share.

Executive chairmen Murdoch and his son Lachlan said: "We delivered full-year revenue and earnings growth on the strength of gains in affiliate and advertising revenues despite considerable foreign exchange headwinds and difficult film comparisons."

"Our brands are an indispensable part of any consumer offering, whether from a traditional distributor or a new entrant like Hulu's upcoming live and on-demand service."

The firm is smarting off the back of various major film successes, including the release of Deadpool, the highest grossing R-rated film ever made. The motion picture collected $782m at the box office worldwide.

It was noted that there were some setbacks for the firm during the period, however.

"We expect to be much more consistent going forward," said Lachlan Murdoch. "Ultimately it’s about having higher quality story telling and making better movies."

Scandal recently rocked Fox after long-serving CEO Roger Ailes resigned following accusations of sexual harassment by various employees. Rupert Murdoch filled in as temporary CEO in the aftermath of the events.