Viacom 3Q profit slips, revenue declines
NEW YORK (AP) — Viacom’s fiscal third-quarter net income fell 5 percent, hurt in part by weakness in its filmed entertainment unit.
The New York company’s earnings dropped to $610 million, or $1.40 per share, from $643 million, or $1.31 per share, a year earlier.
Removing certain items, earnings from continuing operations were $1.42 per share. This was a penny short of what analysts polled by FactSet expected.
Revenue declined 7 percent to $3.42 billion from $3.69 billion due to weakness in the filmed entertainment division — which includes Paramount Pictures. Viacom Inc. said Wednesday that the unit’s revenue slipped primarily because of a 43 percent drop in movie revenue due to the number of releases and the timing of such releases.
Wall Street forecast $3.56 billion in total revenue.
Revenue for the media networks division edged up 1 percent, while worldwide home entertainment revenue dropped 24 percent. Worldwide affiliate fee revenue was flat.