Viacom: Fiscal 3Q Earnings Snapshot
NEW YORK (AP) _ Viacom Inc. (VIAB) on Thursday reported fiscal third-quarter profit of $522 million.
On a per-share basis, the New York-based company said it had net income of $1.29. Earnings, adjusted for one-time gains and costs, were $1.18 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The owner of Nickelodeon, MTV, Comedy Central and Paramount Pictures posted revenue of $3.24 billion in the period, missing Street forecasts. Seven analysts surveyed by Zacks expected $3.27 billion.
Viacom shares have decreased 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 7 percent. The stock has fallen 7 percent in the last 12 months.