UPDATE: Viacom Posts Downbeat Q1 Revenue

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Viacom, Inc.

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(NASDAQ: VIAB) reported results for the fiscal first quarter. The New York-based company posted quarterly net earnings from continuing operations of $500 million, or $1.20 per share, compared to $547 million, or $1.20 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings surged to $1.29 per share from $1.20 per shareIts revenue gained 5% to $3.34 billion. However, analysts were expecting earnings of $1.28 per share on revenue of $3.4 billion. Media networks revenue gained 4% to $2.65 billion, while filmed entertainment revenue rose 6% to $720 million in the quarter.During the quarter, the company repurchased 10.2 million shares under its stock repurchase program, for an aggregate price of $750 million.At December 31, 2014, Viacom's cash balances totaled $1.2 billion, versus $1.0 billion at September 30, 2014.Sumner M. Redstone, Executive Chairman of Viacom, said, “Viacom's powerful entertainment brands continue to lead the way in reaching global audiences with groundbreaking content. Our outstanding management team has positioned Viacom for continued success.”Viacom shares fell 0.95% to close at $66.50 yesterday.