Viacom: quarterly revenue misses estimates
(CercleFinance.com) - On Thursday, Viacom, the owner of cable networks MTV and Nickelodeon and the movie studio Paramount, posted lower quarterly revenue and profit as the company released fewer movies this summer.
Net income from continuing operations attributable to Viacom fell to 511 million dollars, or 1.27 dollar per share, from 680 million dollars, or 1.69 dollar per share, a year earlier.
Excluding extraordinary items, the company earned 1.18 dollar per share.
In comparison, analysts expected an average of 1.07 dollar per share on revenue of 3.3 billion dollars.
Revenues decreased 4% in the third fiscal quarter to 3.2 billion dollars, mainly because domestic advertising revenues fell 3% to 922 million dollars.
But theatrical revenues were also down, falling 21% to 208 million dollars, reflecting unfavourable comparisons against the release of blockbusters "Transformers: The Last Knight" and "Ghost in the Shell" in the same quarter a year ago.
Still, the media group said it was "building momentum" and forecast an "even stronger September quarter".
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Net income from continuing operations attributable to Viacom fell to 511 million dollars, or 1.27 dollar per share, from 680 million dollars, or 1.69 dollar per share, a year earlier.
Excluding extraordinary items, the company earned 1.18 dollar per share.
In comparison, analysts expected an average of 1.07 dollar per share on revenue of 3.3 billion dollars.
Revenues decreased 4% in the third fiscal quarter to 3.2 billion dollars, mainly because domestic advertising revenues fell 3% to 922 million dollars.
But theatrical revenues were also down, falling 21% to 208 million dollars, reflecting unfavourable comparisons against the release of blockbusters "Transformers: The Last Knight" and "Ghost in the Shell" in the same quarter a year ago.
Still, the media group said it was "building momentum" and forecast an "even stronger September quarter".
Copyright (c) 2018 CercleFinance.com. All rights reserved.