UPDATE: Viacom Posts Higher Q2 Profit
Viacom (NASDAQ: VIAB) reported a 4% rise in its second-quarter profit.
Viacom's quarterly profit surged to $502 million, or $1.13 per share, versus a year-ago profit of $481 million, or $0.96 per share. Its adjusted earnings gained to $1.08 per share from $0.96 per share.
Its revenue rose 1% to $3.17 billion compared to $3.14 billion. However, analysts were estimating earnings of $1.05 per share on revenue of $3.19 billion.
The company's press release offered the following comment from Sumner M. Redstone, Executive Chairman of Viacom:
“Viacom's solid results were driven by pioneering content and outstanding leadership. Our management team is committed to building on this success and capturing the exciting long-term opportunities in our industry.”
Viacom also announced its plans to buy UK's Channel 5 Broadcasting Ltd for 450 million pounds ($760 million).
Viacom shares gained 1.52% to close at $84.98 yesterday.
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