MUST CUT: News Corp. cut its annual forecast for operating income to grow by a "mid- to high single digit" percentage, down from the "high single- to low double-digit" percentage it predicted in November.

GUESS WHAT? The surprise forecast cut resulted in shares falling 82 cents, or 2.9 percent, to $27.40 in after-hours trading.

UNDER THE SHADOW: The weak outlook offset an otherwise upbeat quarter through December, with adjusted earnings of 44 cents per share on revenue of $9.43 billion. Analysts expected 43 cents of earnings per share on revenue of $8.98 billion.