Rupert Murdoch has said that he is "resolute" in his decision to drop a $80bn bid for Time Warner.

财经英语新闻：默多克“坚决”放弃时代华纳收购计划

The comments were made on a conference call to discuss 21st Century Fox's second quarter earnings, which were a better-than-expected $999m.

There was surprise on Tuesday when Fox abandoned its bid, given Mr Murdoch'stenacity（韧性，固执） when pursuing previous deals.

But Mr Murdoch said Fox's shares had become "severely undervalued" following the takeover offer.

He said that prompted the announcement of a major share buyback, which Mr Murdoch said would maximise value for shareholders.

"This is our resolute decision," Mr Murdoch said.

"While we remain opportunistic and nimble, we are a strategically complete company and have a clear sense of where we are going."

'X-Men impact'

Fox's latest results showed that revenue in the second quarter increased by 17% to $8.42bn.

Sales at the company's film division increased by 38%, driven by the strong global performance of X-Men: Days of Future Past, which took in an estimated $740m worldwide.

There were two other hits - the animated comedy Rio 2 and the teen drama The Fault in Our Stars.

"As we close the fiscal year, I continue to have confidence in our ability to execute our growth plan and drive value for our shareholders," said Mr Murdoch in a statement accompanying earnings.

财经英语新闻：Fox's latest results showed that revenue in the second quarter increased by 17% to $8.42bn.