Market Overview

UPDATE: Viacom Posts Higher Q2 Profit

Share:
Related VIAB
February Brought More Bad News For The TV Biz; Ratings Down 10%
The 5 Highest-Grossing Best Picture Winners

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.

Posted-In: profitEarnings News

 

Related Articles (VIAB)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→