UPDATE: Viacom FQ3 Profit Surges 20%

Viacom

reported a 20% rise in its fiscal third-quarter net income. Viacom's quarterly earnings surged to $643 million, or $1.31 per share, from $534 million, or $1.01 per share, in the year-ago quarter. Excluding one-time items, it earned $1.29 per share. Its revenue rose 14% to $3.69 billion from $3.24 billion. However, analysts were estimating earnings of $1.30 per share on revenue of $3.57 billion. Viacom shares closed at $74.36 yesterday.