NEW YORK (AP) - Viacom's net income for the first quarter jumped 16 percent thanks in part to smaller losses at its film division.
NEW YORK (AP) — Viacom's net income for the first quarter jumped 16 percent thanks in part to smaller losses at its film division.
The New York company, which owns Nickelodeon, MTV, Comedy Central and Paramount Pictures, earned $547 million, or $1.20 per share for the quarter ended Dec. 31. That compared with $470 million, or 92 cents per share, in the same quarter the year before.
Revenue fell 4 percent to $3.2 billion from $3.31 billion.
The profit beat Wall Street predictions, while the revenue fell slightly short. Analysts polled by FactSet expected a profit of $1.16 per share on $3.3 billion in revenue.
Revenue from media networks increased 6 percent to $2.54 billion, helped by higher affiliate fees and advertising revenue. Filmed entertainment revenue dropped 30 percent to $681 million as the company released fewer new movies compared with a year ago.
But operating losses related to filmed entertainment also shrunk as a result of lower movie-related expenses that stemmed from the release of fewer films compared with a year ago