Viacom adjusted profit falls in 1Q, beats Street

January 31, 2013

Viacom says its net income rose sharply in its first fiscal quarter from results depressed by a large accounting charge in a year ago. But its revenue fell due to drop at its Paramount studio business and lower advertising revenue at its television channels.

Net income rose to $470 million, or 92 cents per share, in the fiscal first quarter, compared with $212 million, or 38 cents per share, a year earlier. That period included $379 million in charges largely related to a contract battle with the maker of the "Rock Band" video games, Harmonix Music Systems Inc.

After adjustments, Viacom earned 91 cents a share, a penny above the 90 cents expected by analysts surveyed by FactSet.

Revenue fell 16 percent to $3.3 billion from $3.95 billion a year ago, short of the $3.48 billion expected.

Explore further: CenturyLink 3Q net income falls as expenses rise

0 shares

Related Stories

CenturyLink 3Q net income falls as expenses rise

November 2, 2011

(AP) -- Phone company CenturyLink Inc. says its third-quarter net income fell as rising operating expenses related to its April acquisition of larger phone company Qwest overshadowed increased revenue.

Viacom 1Q earnings shredded by 'Rock Band'

February 2, 2012

(AP) -- Viacom Inc., the owner of Paramount Pictures, MTV and Comedy Central, on Thursday posted a 65 percent drop in net income for the latest quarter, as it took a charge related to the "Rock Band" series of video games.

Amazon.com posts lower 4Q net income

January 29, 2013

Amazon.com says its fourth-quarter net income fell 45 percent, as higher revenue failed to keep pace with increased spending on order fulfillment and digital content.

Recommended for you

Interactive tool lifts veil on the cost of nuclear energy

August 24, 2015

Despite the ever-changing landscape of energy economics, subject to the influence of new technologies and geopolitics, a new tool promises to root discussions about the cost of nuclear energy in hard evidence rather than ...

Smart home heating and cooling

August 28, 2015

Smart temperature-control devices—such as thermostats that learn and adjust to pre-programmed temperatures—are poised to increase comfort and save energy in homes.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.